Life Insurance Vocabulary

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Basic Health Coverage

A combination of regular, medical, and surgical insurance

Insurable Interest

A financial interest in the continued life of a person - insurance on another person

Preferred Provider Organization

A group of physicians, a clinic, or a hospital that works with an employer to provide coverage for employees

Term Life Insurance

A life insurance policy that protects against loos of life over a definate time period

Coinsurance Clause

A provision in which the insured pays a certain percentage of the cost above the deductable ammount

Renewable Policy

A term life insurance policy that allows the policyholder to continue or renew the policy without taking a physical exam

Limited-Payment Policies

A whole life policy intended to be paid off in a certain number of years

Medicare

Insurance provided by the government to people 65 or older

Comprehensive Medical Policy

Insurance that combines hospital, regular, surgical, and major medical insurance into one policy

Regular Medical Insurance

Insurance that pays for non-surgical care

Disability Income Insurance

Insurance that protects a worker against the loss of income because of a long illness or accident

Worker's Compensation

Insurance that provides benefits to people hurt or killed on the job

Major Medical Insurance

Insurance that provides protection against the cost of serious injury or illness

Group Life Insurance

Life insurance that covers a group of people who are usually employed by the same company or part of the same organization

Medicaid

Medical expense assistance provided by state governments to families in need

Health Maintenence Organizations

Organizations that provide complete health care for their members for a fixed monthly rate

Whole Life Insurance

Permanent life insurance that extends over the whole life of the person

Level Term Insurance

Term insurance on which the ammount of protections and premiums remains the same

Decreasing Term Insurance

Term life insurance on which the ammount of protection gradually becomes smaller, but the premiums remain the same during the term

Face Value

The ammount of insurance that was originally purchased and will be paid paid upon death of the insured

Cash Value

The ammount of money recieved should the policyholder decide to give up the protection provided by a policy

Beneficiary

The person named in an insurance policy to recieve the insurance benefits


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