1
A type of managed care health insurance that typically requires the use of in-network doctors, hospitals, etc. Out-of network providers are not covered.
2
A type of managed care health insurance in which use of in-network doctors, hospitals, etc. is less expensive, but out-of-network providers are partially covered as well, usually with co-insurance.
3
A policy that covers the insured's property in any location, and regardless of where the insured is at the time of loss. Can be added to a homeowner’s insurance policy.
4
Policy that helps provide for the cost of extended in-home or nursing care beyond a predetermined period.
5
Insurance policy that can pay a death benefit or be surrendered for money. A portion of the premiums is invested, which has greater risk than a whole life policy, but also has the potential for greater returns.
6
Offers income protection to individuals if they develop a long-term condition that makes them unable to work. Can be through Social Security and/or a private insurance company
7
Protects an individual's house against damages to the building itself, or to possessions in the home. It also provides liability coverage against accidents on the property.
8
A policy that protects lenders against losses that result from defaults on home mortgages. Often required for home purchases with a down payment of less than 20%.
9
Policy that covers possessions in an apartment or rented home, as well as liability for accidents
10
A feature of some health insurance plans that means the insured person has to pay a specific amount of money on healthcare each year before the insurance company will pay anything
11
Health insurance that does not use a network of healthcare suppliers
12
The length of time during which a benefit is paid, such as Medicare or disability insurance
13
The amount that a life insurance policy pays the beneficiary when the insured person dies (also called “Face Value”)
14
Category of health insurance plans that uses a network of healthcare providers. This includes HMO’s and PPO’s
15
The person designated to receive the death benefit of a life insurance policy
16
Money that accrues over time with a whole life insurance policy. It is less than the death benefit, and can be withdrawn if the policy is surrendered.
17
Insurance that pays a benefit on the death of the insured and can also accumulates a cash value with a rate of interest
18
Insurance that pays a benefit if the insured person dies within a specified time period.
19
The amount that a life insurance policy pays the beneficiary when the insured person dies (also called “death benefit”)
20
A fixed amount of money that an insured person pays at the time of service for a covered healthcare expense. The insurance company usually covers the rest of the bill.
