Insurance Terminology and Concepts, Exams of Nursing

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beneficiary - correct answer ✔✔a person entitled to benefits or proceeds of an insurance policy or will cash value - correct answer ✔✔the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity claim - correct answer ✔✔formal request for payment, sent to the insurance company, to cover a loss death benefit - correct answer ✔✔the actual amount paid to a beneficiary under a life insurance policy deductible - correct answer ✔✔the amount an insured person must pay before the insurance company pays on a claim disability insurance - correct answer ✔✔a type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time floater - correct answer ✔✔a policy designed to cover property that floats, or moves, from location to location homeowners insurance - correct answer ✔✔coverage that provides protection for you residence and its associated financial risks insurance - correct answer ✔✔protection against financial loss shared risk - correct answer ✔✔the cost of consequences of a risk is distributed among many renters insurance - correct answer ✔✔a type of insurance that cover the loss of a tenant's personal property as a result of damage or theft

rider - correct answer ✔✔an add on to an insurance policy risk - correct answer ✔✔the possibility of a financial loss loss - correct answer ✔✔basis of a claim term insurance - correct answer ✔✔life insurance coverage for a specified period of time, less expensive than whole whole insurance - correct answer ✔✔a life insurance policy where the premium remains constant and builds a cash value invested by the insurer; a more expensive policy than term policy - correct answer ✔✔insurance contract benefit - correct answer ✔✔a payment or entitlement premium - correct answer ✔✔amount of money charged by an insurance company to a consumer for coverage assigned risk pool - correct answer ✔✔people who are unable to get auto insurance due to poor driving or accidents, must obtain insurance with high rates through certain insurance companies liability - correct answer ✔✔provides for bodily injury and property damage and helps pay for damages from a crash you caused physical damage - correct answer ✔✔damage to the car collision insurance - correct answer ✔✔protects you against a loss that occurs from damages when your car collides with an object factors affecting cost - correct answer ✔✔age, marital status, claims made, gender, driving record

comprehensive insurance coverage - correct answer ✔✔covers loss resulting from incidents other that collision EX: tree limb falls on your car medical payments - correct answer ✔✔cover medical and funeral services to you and passengers to reduce the cost of insurance - correct answer ✔✔-increase the deductible -cancel collision insurance -garage the car -avoid turning in small claims replacement cost - correct answer ✔✔the actual cost of replacing property without a deduction for depreciation depreciation - correct answer ✔✔decrease in value of property due to use, age, etc. actual cash value - correct answer ✔✔replacement minus depreciation managed health care plan - correct answer ✔✔-require meeting with primary care physician first -then referral to specialist co-payment - correct answer ✔✔a flat amount the insured pays for a doctor visit even if the deductible is not met non-managed health care insurance - correct answer ✔✔insured can seek health care from any qualified medical provider face value or death benefit - correct answer ✔✔amount stated on a life policy that will be paid in the event of the insured death