POBF 5.02

I will understand Risk Managment & Insurance.

Jozif West

Insurance Vocabulary

  • Policy- Written contract or certificate of insurance.
  • Premium- Payment for insurance.
  • Insurer- A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation.
  • Insured- A person or organization covered by insurance.
  • Claim- Demand for payment in accordance with an insurance policy.
  • Co-pay- An insurance copay is the amount of money or percent of charges for Basic or Supplemental Health Services that a member is required to pay, as set forth by their health plan.
  • Deductible- The portion of a claim under an insurance policy that you must pay before the insurance company pays the balance.
  • Face amount- Value of a life insurance policy.

Health Insurance

  • Hospital Insurance- Helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care, and hospice care.
  • Surgical Insurance- Covers all surgeons fee's.
  • Regular Medical Insurance- Covers non-surgical fee's.
  • Comprehensive Medical Policy-Combination of several coverages to protect the insured,combines the basic hospital plan with major medical insurance to cover medical expenses and miscellaneous expenses.
  • Dental Insurance- A plan that financially assists in the expense of treatment and care of dental disease and accidents to teeth.
  • Vision Care Insurance- A type of health insurance plan under which vision care, such as eye examination, and vision aids, such as glasses or contacts, are at least partially covered.