Chapter Two : Terms to Know

What is Under writing

• Subject to taxation

• risk selection and classification process

• added to the basic insurace policy to add/modify or delete policy provisions

• A payout method that pays the beneficiary the entire beefit in one payment

Accidental Bodily Injury

• An unforeseen and unintended injury that resulted from an accident rather than a sickness

• An proposed and tended sickness

• type of employee benefit plan that allows insureds to choose between different types of benefits

• A accidental injury to the body on purpose that resulted from an sickness

Cafeteria Plan

• type of employee benefit plan that allows insureds to choose between different types of benefits

• Termination of an in-force insurance policy by ether the insured or the insurer prior to the ex. date show in the policy

• Risk selection and classification process

• Type of unemployment benefit plan that allows insured to choose between specif benefits

Cancellation

• Health insurance that provides coverage for most types of medical expenses

• Insurance does not have a policy by either the insured or the insurer prior to the ex. date

• Termination of an in-force insurance policy by ether the insured or the insurer prior to the ex. date show in the policy

Comprehensive coverage

• An health insurances that provide 10% coverage for most types of medical expenses

• A specified dollar amount that the insured must pay first before the insurace comany will pay the policy benefits

• Health insurance that provides coverage for most types of medical expenses

A specified dollar amount that the insured must pay first before the insurance company will pay the policy benefits

• Deductible

• Lump sum

• nonrewable

• Riders

Lump Sum

• a payout method that pays the beneficiary the entire benefit in one payment

• termination of an insurance policy at its expiration date by not offering a continuation of the existing policy or a replacement policy

• Added to the basic insurace policy to add , modify or delet policy provisions

Non-renewal

• termination of an insurance policy at its expiration date by not offering a continuation of the existing policy or a replacement policy

• risk section and classification process

• subject to tax

Riders

• Added to the basic insurance policy to add , modify or delete policy provisions

• Added to the regular insurance policy to add and change provision

• An illness , which first manifest itself while the policy is in forced

Sickness

• An illness , which first manifest itself while the policy is in forced

• an unforeseen and unintended injury that resulted from an accident rather than a sickness

• An illness , is which manifest upon the policy while enforced