Module 6: Insurance: Protect What You Have

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out-of-pocket maximum

a cap on out-of-pocket expenses for the year

premium

a fee for insurance

claim

a formal request from the policyholder to have the insurance company make payment for a loss

insurance policy

a legal contract between an insurance company and the policyholder buying the insurance

declarations page

a one-page summary of the coverage amounts

appraisal

a professional opinion on the value of your property

life insurance

ensures that nay of your dependents can maintain their same standard of living by replacing your income or covering final expenses after you die

out-of-pocket expense

everything you pay for medical care aside form the insurance premium

health insurance

helps pay your medical bills

claims adjuster

investigates a claim -- decides if the insurance company must pay a claim, and if so, how much

unemployment insurance

paid for by employers, this coverage is for full-time employees who are laid off to receive partial funds for a set period of time while looking for a new job

policyholder

person or business that owns the insurance policy

auto insurance

probably the biggest concern for most teens; covers you in case of a vehicle accident, a break-in, or theft

disability insurance

protects your most valuable asset -- your income; pays you a percentage of your total income when a health issue prevents you from working for more than six weeks

estimate

what it will cost to repair or replace damaged or stolen property

open enrollment period

when an employer gives the option to sign up for insurance coverage

co-pay

you pay a set dollar amount upfront for a health care service

co-insurance

you pay a set percentage of the charge

rider

additional coverage for specific items

fidelity bonds

aka employee dishonesty insurance; some employers require that you be bonded for jobs that involve handling cash or property of value

workers' compensation

combines disability and health insurance for employees who get injured on the job; covers injury-related medical bills and part of your income while you're recuperating

liability insurance

comes into play when you unintentionally hurt someone or damage another person's property

renters' insurance

covers only your possessions

homeowners' insurance

covers your possessions inside the house, as well as damage to the house itself

actual cash value

current worth

insurance

reimburses you for unexpected losses or damages caused by a specific set of hazards (such as illness or fire) to a specific thing (such as a car or your life) for a fee

property insurance

replaces your personal assets when they're stolen and sometimes when they're destroyed

conditions

spell out what the insurer won't pay for

replacement cost

the amount to buy a new replacement for what was lost

deductible

the amount you pay before insurance kicks in

coverage limit

the maximum amount the insurer will pay for losses, which is described in the policy

insurance settlement

the money an insurance company pays when a claim is valid

risk

the uncertainty of achieving a desired result


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