Ramsey Classroom Chapter 9

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26 Terms

1

Insurance

an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer

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2

Policy

the contract between an insurance company and the insured individual

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3

Coverage

the amount of liability protection offered to an individual through an insurance policy

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4

Premium

the amount of money paid for an insurance policy

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5

Grace Period

the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse (break) in coverage

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6

Deductible

the amount of money you will pay out of pocket before the insurance company will make a payment

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7

Claim

a formal request by a policyholder to their insurance company for compensation for a covered loss

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8

Copays

(also copayments or coinsurance) the payments an individual makes each time they get medical service

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9

Out of Pocket Maximum

the most a policyholder has to spend for covered services in a year.

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10

Liability

protection against claims resulting from personal injury or property damage as the result of an auto accident

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11

Collision

protection for damage to your car resulting from a collision with another car or object

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12

Comprehensive

protection for loss or damage to your vehicle caused by something other than a collision (such as vandalism)

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13

Uninsured/Underinsured Motorist Protection:

protection for you and passengers if you're hit by an uninsured or underinsured motorist, or if you are the victim of a hit-and-run

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14

Personal Injury Protection (PIP)

a component of auto insurance that pays for medical expenses, lost wages, and other financial losses of the driver and passengers of the policyholder's vehicle

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15

Affordable Care Act (ACA)

also known as Obamacare; the health care reform law enacted in 2010, intended to make affordable health insurance more available

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16

Subsidizing

the practice of employers paying for a portion of their employees' insurance premiums

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17

High-Deductible Health Plan (HDHP)

a health plan with a high minimum deductible for medical expenses

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18

Health Savings Account

a tax-exempt savings account dedicated to health care costs; only available for individuals on a high-deductible health plan (HDHP)

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19

Lifetime limit

the maximum amount of lifetime benefits a person can receive from their insurance company.

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20

Beneficiaries

people who are designated by the policyholder to receive the death benefit of a life insurance policy

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21

Death Benefit

benefit paid to the beneficiaries after the policyholder dies

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22

Term life Insurance

life insurance for a specified amount of time; at the death of the policyholder, the insurance company pays the death benefit to the beneficiaries

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23

Whole Life Insurance (or Cash Value)

life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment

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24

Dependent

a person who relies on someone for financial support

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25

Identity Theft

the act of fraudulently gaining and using the personal information of someone else, usually for financial gain

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26

Long Term Care Insurance

a type of insurance that covers some or all of the costs of nursing home care, assisted living, in-home care, and other end-of-life care

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