Pg 288-289 7.01C
Key Terms Worksheet: Health and Life Insurance
Term / ExplanationGeneral Insurance Terms
risk / Uncertain, ______factors that can lead to ______or ______
insurance / An arrangement in which an ______pays money to an ______to gain protection against ______and compensation for ______
policy / A written ______stating the arrangement between insured and ______
policyholder / A consumer who has ______an insurance policy
coverage / Potential risks and losses against which an insured is ______by a policy
premium / A fee ______an insurance company on a regular basis for coverage
deductible / An ______amount paid by an insured for a loss ______insurance ______begin
Health Insurance
health insurance / Provides compensation for financial losses due to ______, ______, or disability
basic medical / pay a large part of hospital and ______care, may also pay part of some other ______expenses (e.g., doctor’s visits)
major medical / pays for ______-______illness expenses after basic medical benefits ______have been reached (e.g., cancer).
HMO / Health ______organization-- a health care group that provides health care services to members for a set fee and a small ______
HAS / Health ______Account---You contribute ______-______dollars to the account for ______medical expenses for the coming year – often set up through your employer-submit claims and receipts for reimbursement up to amount ______
PPO / Preferred ______organization---an agreement between health providers with employers or insurers to provide services at a ______rate to ______
POS / Point of ______---members use a primary ______who refers them as needed to participating specialists or members can see non-participating specialist members. But, members pay ______for to use non-participating health providers.
fee-for-services plan / A plan in which an insured can select his/her own ______and ______, pay costs at time of ______, and file form with insurance company for ______of covered expenses
CHIP / Children’s ______Insurance ______
Disability / An illness or injury that leaves a person ______to ______
Appendix 7.01C, continued
Key Terms Worksheet: Health and Life Insurance
Health Insurance, continuedlong term care / Pays for care when a person with a ______or injury cannot care for themselves for an ______period of time
worker’s compensation / ______are require to have in every state in some form. Covers medical care, treatment, rehabilitation, and a ______of ______from injuries that occur in the ______
Medigap Insurance / May be purchased by Medicare recipients to cover part/all ______not covered by ______
COBRA / A ______law that someone who leaves ______may be eligible to keep insurance coverage at his/her own ______up to ___ months
co-payment / The amount of a claim up to a stated ______that the insured must ____
pre-existing condition / An ______or ______that a person has at the time he/she enrolls in a ______plan
renewability / A patient’s ______to restart coverage annually
maximum benefit / A limit on the number of ______one’s care will be covered, or the ______amount that can be paid in benefits for a specific procedure
open enrollment period / A ______period during which a person can ______in a health care plan
exclusion / A medical service that is not ______
preauthorization / Requirement to obtain ______from the plan before having certain ______or procedures done
primary care physician / A doctor who provides general ______care and coordinates other health care
Life Insurance
beneficiary / A group or individual selected to receive the ______of a person when he/she ______
insurance benefits / Assets or ______by having an insurance policy
face value / The amount of money payable to a ______as a _____ benefit when an insured ______
maturity / The length of _____ it takes an insurance policy to reach its full ______
cash value / The amount of money a whole life policyholder would receive if the policy were ______before death or ______
term insurance / A type of insurance that provides coverage for a specific ______of time with no ______benefits
whole life insurance / A type of insurance that provides coverage for a whole lifetime and grows in ______value as premiums and ______accumulate