I will understand risk management

Types of Health Insurance

  • Hospital- Covers hospital fees
  • Surgical- Covers surgeon fees
  • Regular medical- Covers fees for all nonsurgical care
  • Comprehensive- Combines the features of hospital, surgical, regular, and major medical insurance
  • Dental insurance- Covers cost of dentist visits
  • Vision care- Covers eyes examinations and perscription lenses, frames, and contacts

Types of Life Insurance

  • Term life- Provides protection form losses resulting from a death during a definite period of time
  • Permanent- Lasts a lifetime as long a premium is paid
  • Group life- Covers a group of people that work together

Workers Compensation

Provides protection to employees who become injured on the job, will pay for any doctor bills. Liability insurance will cover damage to property of others by employees at work.

Insurance Terms

  • Policy- contract between the insurer and insured
  • Premium- Cost of insurance
  • Insurer- Company offering policy
  • Insured- Policyholder who buys a policy
  • Claim- When policy holderneed insurer to pay for financial loss
  • Co-pay- The amoun the policy holder owes on a health insurance claim
  • Deductible- Amount paid by policyholderbefore insurance pays
  • Face amount- $ value of life insurance policy