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SIX MAJOR AND VITAL INSURANCE - Coggle Diagram
SIX MAJOR AND VITAL INSURANCE
HEALTH INSURANCE
HEALTH INSURANCE - Insurance for expenses relating to health and medical procedures.
DISABILITY INSURANCE - Insurance that provides payments to insured individuals in the event that regular income is interrupted by illness or an accident.
DEDUCTIBLE - A specified amount that you must pay to cove an expense that could qualify for your insurance coverage before your insurance begins paying for eligible expenses.
CO INSURANCE/CO PAYMENT - The portion of the expenses beyond the deductible that the insured person pays, up to an annual maximu.
MAXIMUM ANNUAL CO-PAYMENT- The most you can pay towards co-insurance in any given year.
LIFE INSURANCE
LIFE INSURANCE
Insurance against the financial loss resulting from the death of the insured.
DEDUCTIBLE
A specified amount that you must pay to cove an expense that could qualify for your insurance.
BENEFICIARY
The recipient of life insurance who benefits in the event of the death of the insured.
CASH VALUE
The total account value that is a available to the life insurance policy owner while he or she is alive.
FACE VALUE - The basic benefit the life insurance company will pay the beneficiaries upon the death of the insured.
POLICY OWNER - The individual or business that pays for and owns the insurance policy.
TERM LIFE - A policy in which the face value is paid to the beneficiaries when the insured dies.
WHOLE LIFE - A policy in which the premiums are divided between death protection and safe, relatively low return investment.
CAR/AUTO INSURANCE
AUTOMOBILE INSURANCE
insurance against damage to your vehicle, bodily injury, or damage to property resulting from an accident involving a vehicle.
LIBILITY COVERAGE
Auto insurance that pays for losses related to bodily injury, property damage, lawsuits, and defense costs.
MEDICAL PAYMENT COVERAGE
Auto insurance that pays for accident related medical costs and funeral expenses incurred by you or your family members within three years of an accident.
UNINSURED/UNDERINSURED MOTORIST COVERAGE
Auto insurance that covers your costs if you are insured in a hit and run accident or injured by an uninsured motorist or a motorist whose insurance is insufficient to pay for your expenses.
COLLISION COVERAGE
Auto insurance that pays for damage to your car when it is involved in an accident, regardless of who is at fault.
COMPREHENSIVE COVERAGE
Auto insurance that protects from risks other than vehicle collision.
NO-FAULT INSURANCE (PERSONAL INJURY PROTECTION
Auto insurance where those injured in an accident receive direct payment from the company with which they are insured, eliminating the need for accident victims to establish another's liability through a civil lawsuit.
LONG-TERM DISABILITY INSURANCE
DISABILITY INSURANCE - Insurance that provides payments to insured individuals in the event that regular income in interrupted by illness or an accident.
PROPERTY INSURANCE
HOMEOWNERS INSURANCE - Insurance that covers a personal residence combined with other personal protections for the owners.
EXCLUSIONS - Specific conditions or items that are not covered by the standard insurance policy.
LIABILITY - Covers the cost and damages to others that occur during accident on your property.
CONTENTS - portion of the policy covers the replacement value of all the contents within the home that are damaged, destroy, or stolen because of a covered risk or peril.
LONG-TERM CARE INSURANCE
LONG-TERM CARE INSURANCE - Insurance that covers the costs of nursing home facilities and long-term home health care.