Insurance Test Review Flashcards
A financial product that when purchased provides reimbursement paid to a person in the event of certain types of financial loss.
insurance
A financial product that provides payment for medical services when people suffer a financial loss as a result of illness or injury.
health insurance
a government- sponsored health insurance plan that is funded largely by taxes that most working people pay.
medicare
a government-sponsored program that provides health insurance for low-income individuals.
medicaid
regular payments in return for insurance coverage
premium
a person who pays a premium who buys a health insurance policy or subscribes to it through an employer.
policyholder
insurance plans that cover a large group of individuals
group plans
health conditions that existed before your policy was granted
pre-existing condition
the amount the policyholder has to pay before insurance policies began paying claims
deductable
the term used for the share of costs for covered services that the insured person is required to pay out of his or her pocket
coinsurance
an insurance plan that pays a specific person or persons when the policyholder dies
life insurance
the person who receives the payment
beneficiary
provides coverage for as long as the policyholder continues to pay the premium
whole life insurance
life insurance provided over a specific period of time
term insurance
provides coverage for a specified term and builds savings for the policyholder
universal
