Insurance Unit Flashcard

Front

What is Disability Insurance?

Back

Insurance that replaces a portion of income if the policyholder becomes disabled.

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What does the Elimination Period refer to?

Back

The time between confirming a disability and receiving payment.

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What is Identity Theft?

Back

The act of fraudulently using someone's personal information

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What does Long-Term Care Insurance cover?

Back

Costs of nursing home care, assisted living, and in-home care

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What is the purpose of Supplemental Insurance?

Back

To cover expenses not on typical policies

Front

Who are the beneficiaries in a life insurance policy?

Back

People designated by the policyholder

Front

What is a death benefit?

Back

A benefit paid to the beneficiaries after the policyholder dies.

Front

What is term life insurance?

Back

Insurance for a specified amount of time

Front

What is whole life insurance also known as?

Back

Cash value insurance

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What does it mean to be self-insured?

Back

Having enough money saved to eliminate the need for life insurance