a specialist in insurance calculations and statistics

person named on an insurance policy to receive the benefits from the policy

replaces all or part (50-65%) of your income if you cannot work because of child birth, disabling injury, lengthy illness; short and long-term options available

a written request for reimbursement to cover loss or damage

the out-of-pocket amount you agree to pay when you file an insurance claim

amount stated in a life insurance policy to be paid upon death

the person or company that purchases insurance; protected against loss

not having enough insurance

company that grants insurance to individuals and other company's

ability of an individual who has applied for insurance to be accepted by the insurer

having no insurance

coverage helps pay for any damage that YOU cause to another person's vehicle or to another person's body when you are at fault

covers damages from when you are driving and strike another object, no matter who is at fault

protects you from damage to your car from causes other than collision or vehicle overturning

pays for medical, hospital, and funeral costs of the insured and his or her passengers

individual purchases insurance with others in the same group; cost is typically less per person and broader coverage is provided

individual purchases insurance directly from the insurance company; generally more expensive

any injury, illness, sickness, disease, or other physical/mental condition that existed at the time of applying for health insurance

the most common and least expensive type of managed care plan; you can only get coverage for services provided by doctors and hospitals that are in your health plan's network, unless it's an emergency

system of health care in which patients agree to visit only certain doctors and hospitals

doctor, nurse practitioner, or physician assistant, that provides and coordinates your health care

a network of doctors, hospitals, and other providers who have agreed to charge less for plan members; you may also choose to seek care from providers that do not participate in the plan's network

LIKE HMO: You select your PCP and you need a referral to see a specialist. LIKE PPO: You have the choice to use doctors, hospitals, and other providers that are not in your health plan's network

a small payment you make to the provider at the time of service

protects your privacy as a patient

contract between an insurance policy holder and an insurer where the insurer promises to pay a sum of money upon the death of an insured person

the process of assessing applicants to determine whether they are good risks

statistical averages of how long a person of your age, gender, ethnic background, etc., can be expected to live

policy is limited to a specific length of time; benefits are only paid if the insured passes away during the time insured

Covers you for your lifetime or until a specified age such as 100, whichever comes first; builds cash value Example: whole life insurance

provides medical care and income to injured employees; protects employers from lawsuits by employees injured while working

covers expenses involved in the extended care of individuals who have difficulty with basic functions: eating, bathing, dressing

protects renters from property and liability risks

covers damage or loss of a specific personal item in a home or apartment (example: jewelry, fine art)

protects property owners from property and liability risks. Example: fires, crimes, liability

the probability that a hazard will occur and that an individual will suffer a loss if it does

comes with action, lack of action; know about but don't think it will happen, worth taking

payments made to the insurer in exchange for insurance

monthly, quarterly, semi-annually, annually

private, for-profit corporations; federal and state governments

contract between the insured and insurer designed to cover a specific future loss

avoid, reduce, ignore, transfer

written in the insurance policy that identifies each type of specific loss

age, gender, geographic location, driving record, vehicle type, cell phones

includes medical, hospital, and surgical costs; pays for routine physician services

covers costs related to serious or catastrophic injury or illness that might cost thousands of dollars to treat (major surgery, kidney transplant).

federal and state government programs (Medicare, Medicaid)

government owns and operates health care facilities (ex. Cuba)

centralized health care system funded by taxes (ex. Canada)

covers basic dental services such as exams and x-rays

covers basic vision services such as exams and eye disease

an insurance program serves people over 65, younger disabled people, and dialysis patients

an insurance program serves low-income people of every age

federal law that gives you the right to keep your health insurance for a certain period of time if:

providing for dependents; paying for funeral expenses; paying of loans; donating to a non-profit organization

families-mom, dad, kids; families with only one spouse working; people with a history of chronic illness

single people with no dependents; working couples with no dependents or large debts; people with sufficient financial resources

present health; medical history, family medical history; lifestyle; occupation

number, ages, needs of dependents; monthly household expenses; balance on debts

6-to-8 times annual income

1, 5, 10, 15, 20 years

simple; inexpensive; easy to renew

no cash value; only covered for a specific time period

predictable; low risk for insured

inflexible; expensive

held in a savings account that earns interest separate from the death benefit; insured can take a loan out against this for specific reasons

stealing someone's personal information to gain access to their finances

Help individuals victimized by stolen identity; recovery advocate will handle all phases of the recovery process; handle all disputes and file paperwork on your behalf; removal of fraudulent credit accounts from your credit report

increase the deductible; garage the car; install security alarm; maintain a good driving record; avoid submitting small claims; driver education course; maintain only liability

cost necessary to repair or replace your entire home; when you insure your home for its replacement cost, your insurer will reimburse you for the cost of rebuilding or repairing your home, based on the size and structure of the home that was lost or damaged