Vocab Quiz Weeks 1 + 2 (MP4)

An arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

• Deductible

• Premium

• Insurance

• Brokerage

Insurance for cars, trucks, and motorcycles that provides financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle

• Auto Insurance

• Life Insurance

• Health Insurance

• Pet Insurance

A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium

• Life Insurance

• Health Insurance

• Auto Insurance

• Disability Insurance

Insurance that pays out a sum of money either on the death of the insured person or after a set period

• Health Insurance

• Disability Insurance

• Pet Insurance

• Life Insurance

Provides income for disabled workers until retirement or a specified age

• Life Insurance

• Health Insurance

• Auto Insurance

• Disability Insurance

The amount of money an individual or business pays for an insurance policy

• Deductible

• Premium

• Insurance

• Brokerage

A specified amount of money that the insured must pay before an insurance company will pay a claim

• Deductible

• Premium

• Insurance

• Brokerage

Providing false statements to an insurance company in an attempt to collect more in insurance benefits

• Out-of-Pocket

• Deductible

• Premium

• Insurance Fraud

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses

• Checking Account

• Escrow Account

• Health Savings Account (HSA)

• Group Insurance Account

 Usually refers to physicians, hospitals or other healthcare providers who do not participate in an insurer's provider network

• In-Network

• Out-of-Network

• Unaccredited

• In-house Physician