Personal Insurance Flashcards

Personal Insurance Flashcards
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Preferred Provider Organization (PPO) Health Insurance Plan
A health insurance plan that features preferred doctors that provide health services to patients at lower rates.
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Health Maintenance Organization (HMO) Health Insurance Plan
If you have this kind of health insurance plan you can only see specific doctors and will need to get a referral before you can see any specialists.
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Health Care Policy Exclusions
These represent procedures, often including cosmetic surgeries, that are not covered by an individual's health care policy.
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Health Insurance Copay
A fee that must be payed for a medical service at the time you receive the service. This payment is usually not very large.
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Health Insurance Premium
Individuals are required to pay this amount on a set schedule in order to maintain insurance coverage.
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Coinsurance
This goes into effect only after you've paid out your entire healthcare deductible. It represents the percent share of health care costs that you are personally responsible for paying.
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Health Insurance Deductible
You have to pay this amount of money before your health insurance company pays for any health care services.
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Chronic Illness
These illnesses last a long time. They can be treated, but they have no cure.
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Impact of career on health care premiums
Some of these lead to higher premiums than others, based on the risks associated with the profession. Airline pilots often have high premiums for this reason.
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How insurance companies determine the premium for a policy
These companies look at information about your age, health and occupation to calculate your premium. Younger people without serious health conditions get lower premiums.
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Term Life Insurance
A kind of life insurance that only offers you coverage for a certain amount of time.
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Whole Life Insurance
This type of life insurance is permanent and will offer the insured coverage until they die.
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Insured
When talking about life insurance policies, we use this term to refer to the person covered by the policy.
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Beneficiary
This individual receives the payout of a life insurance policy if the policyholder dies. These individuals can be elected in both term and whole insurance.
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Flashcard Content Overview

Different forms of personal insurance are covered by these flashcards. You can review term and whole life insurance as well as title insurance. You'll also find cards that focus on health insurance options and the fees associated with this kind of insurance. Short-term and long-term disability insurance will be covered by these cards. Furthermore, you'll have the chance to go over unemployment benefits.

Front
Back
Beneficiary
This individual receives the payout of a life insurance policy if the policyholder dies. These individuals can be elected in both term and whole insurance.
Insured
When talking about life insurance policies, we use this term to refer to the person covered by the policy.
Whole Life Insurance
This type of life insurance is permanent and will offer the insured coverage until they die.
Term Life Insurance
A kind of life insurance that only offers you coverage for a certain amount of time.
How insurance companies determine the premium for a policy
These companies look at information about your age, health and occupation to calculate your premium. Younger people without serious health conditions get lower premiums.
Impact of career on health care premiums
Some of these lead to higher premiums than others, based on the risks associated with the profession. Airline pilots often have high premiums for this reason.
Chronic Illness
These illnesses last a long time. They can be treated, but they have no cure.
Health Insurance Deductible
You have to pay this amount of money before your health insurance company pays for any health care services.
Coinsurance
This goes into effect only after you've paid out your entire healthcare deductible. It represents the percent share of health care costs that you are personally responsible for paying.
Health Insurance Premium
Individuals are required to pay this amount on a set schedule in order to maintain insurance coverage.
Health Insurance Copay
A fee that must be payed for a medical service at the time you receive the service. This payment is usually not very large.
Health Care Policy Exclusions
These represent procedures, often including cosmetic surgeries, that are not covered by an individual's health care policy.
Health Maintenance Organization (HMO) Health Insurance Plan
If you have this kind of health insurance plan you can only see specific doctors and will need to get a referral before you can see any specialists.
Preferred Provider Organization (PPO) Health Insurance Plan
A health insurance plan that features preferred doctors that provide health services to patients at lower rates.
Fee-for-Service Health Insurance Plan
A flexible plan that may involve a lot of paperwork and higher expenses than other health insurance plans.
Point-of-Service (POS) Health Insurance Plan
A health insurance plan that incorporates parts of HMO and PPO plans.
Lengths of Disability Plans Offered by Insurance Companies

Short-term

Long-term

Factors assessed when determining disability
In order to determine a level of disability, any mental or physical limitations that impact a person's activities of daily living must be considered.
Social Security Disability Benefits
These disability benefits are offered only on a long-term basis and they may last until a person dies. You are allowed to supplement these benefits by working part-time.
Short-Term Disability
A kind of disability that lasts for at least six weeks but not longer than a year.
Long-Term Disability
Individuals with this kind of disability may be impacted for several years or the rest of their lives.
Insurance policies that offer liability coverage

Renter's

Homeowner's

Auto

Form of automobile liability policies
These policies contain three numbers. The first represents per person medical coverage, the second represents coverage per accident and the third shows property damage coverage.
Liability Insurance
A type of insurance that you can purchase to protect against lawsuits aimed at your personal property.
Government agencies that fund unemployment insurance

State agencies

Federal agencies

Employer Funding for Unemployment Insurance
The Federal Unemployment Tax Act (FUTA) draws funds from these individuals through payroll taxes in order to fund unemployment benefits.
Eligibility for Unemployment Benefits
The exact requirements for eligibility for this service vary by state and federally, but generally a person must have worked for a certain amount of time and earned a specific amount of money.
Unemployment Insurance
This is a kind of social insurance paid to workers who are unemployed.
Title Insurance
A type of insurance that protects your right to a claim against past liabilities, such as those incurred by the previous owners of a title.

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