Chapter 8 personal finance

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SERVICE CONTRACT RANGE

400-1000

requires many employers to offer employees and dependents who would otherwise lose group heath insurance the option to continue their group coverage for a set period of time

Consolidated omnibus budget reconciliation act of 1986

method of integrating the benefits payable under payable under more than one health insurance plan that the benefits revived from all sources are limited to 100% allowable medical expenses

Coordination of benefits

extreme form of ppo. services rendered by nnaffiliated providers are not reimbursed

EPO

a warranty with car or sold as is

FTC is to show if there is

directly employs or contracts with selected physicians surgeons dentist and optometrists to provide heath care services in exchaged for fixed monthly price

HMO

increases the likelihood of a loss through some peril

Hazard

legislates new federal standards for health insurance portability, non discrimination in health insurance, and guaranteed renew ability.

Heath insurance portability and accountability act 1996

prepaid health plans that provide comprehensive heath care to members

MANAGED CARE

combines characterisics of both HMO and PPO and uses a selected ,contracted o,participating providers.

POS

group of docs. and hospitals. that agree to provide health care at rates approved by the insurer

PPO

an organized strategy for protection assets people

Risk management

insurance benefits are expressed in a term of entitlement to receive specified hospital or medical care then than entitlement to revive a fixed dollar amount for each procedure.

Service benefits

A sign that your group coverage needs supplementing would be its failure to provide benefits for the major portion of your medical care bills (example bill is 1500 and they cover 800 find a individual who would cover most of the remaining amount.

Supplementing your group insurance

Cooperative

a non profit organization whom member owners may save money n certian products or services

Rebate

a partial refund of the price of a product

Service contract

an agreement between a business and a consumer to cover the repair cost of a product. (frequently called extended warrenties

when hospital surgical and physician expenses combined its called

basic health insurance coverage

provision that requires the policyholder to share expenses beyond the deductible amount

coinsurance

credit union

cooperative example

prevents you from collecting benefits from two or more groups policies that would in total exceed the actual charges.

coordination of benefits

WHY SERVICE CONTRACTS may not be wise

cost and exclusion

open dating

describes the freshness or shelf life of a perishable product.

earthquake insurance can be obtained as an_____ or addition of coverage to the homeowners policy

endorsement

national brand products

highly advertised items available in many stores

a list or other documentation of personal belongings with purcase dates and cost info.

house hold inventory

for a fee service contracts will

insure the buyer against losses due to the cost of certain repairs.

a policy with internal limits will pay only a fix amount for your hospital room no matter the actual rate is or it will cover your surgical expenses only to a fixed limit no matter what the actual charges are

internal limits

a policy with internal limits stipuates maximum benefits from specific expenses such as the maximum reimbursment for daily hospital room and board

internal limits versus indemnity

the legal responsibility for the finacial cost of another peronss losses or injuries

liability

present when a person is held responisble for intentional or unintentional actions

liablity

fast growing insurance day in day out assistance that you might need if you ever have an illness or disability that lasts a long time and leaves you unable to care for yourself.

long term care insurance ( LTC

service contract can cover repaires not including

manufacturs warranY

legal responisbility is commoly caused by _____ which is a a faiulre to take ordinary or reasable care

negligence

does self insurence eliminate risk

no it only provides means for covering losses

the cause of a possibel loss

peril

covers the damage or loss of specific items high in value

perosnal property floater

people purchase a policy. the firm assumes a risk for a fee called the _____ which the insured policyholder pays periodically

premium

perosnal risk , property risk and lability risk are types of

pure risk or insurable risk

Federal trade commsion

requires businesses that requires that sell used cares to places a buyers guide sticker in windows of cars for sale

process of establishing a monetary fund to cover the cost of a loss

self insurence

No

service contracts warrenty or not?

risk that carries a chance of either loss or gain

speculative risk

one chain of stores (low cost alternatives to famous name products )

store brand and privete lables are sold by

comparison shopping

the proscess of considering alternative stores, brands , and prices

divide the price by e unit of measurement then compare the unit prices for varies sizes brands and stores

to calulate unit price you

supplements your basic perosnal liablity coverage

umbrella policy or perosnal catastrophe policy supplements

impulse buying

unplanned purchasing, which can result in financial problems

Unit pricing

uses a standard unit of measurement to compare the prices of packages of different sizes.

occurs when a person is held responsible for the actions of anther person

vicarious liability


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