2023 FinLit Vocab for Chapter 11

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Across
  1. 3. requires you to pay either a set amount or a certain percent of medical expenses, including prescription drugs.
  2. 5. the person who will receive the face value of the life insurance policy.
  3. 6. also known as permanent insurance, offers financial protection for your entire life. You pay a specific premium for the entire duration of the policy. When you die, the insurance company pays your beneficiary a declared sum. It can also be used as an investment.
  4. 9. a prepaid health plan in which care providers contract with (or are) employees of the HMO. You may select a "primary care" physician and agree to receive all non-specialist and non-emergency services from that physician. The physician may refer you to a specialist.
  5. 10. offers lifetime protection. You pay premiums only for a limited number of years or until you reach a certain age, such as a "paid up at age 65" policy. déductible the amount of money you must pay each year before your insurance company starts paying.
  6. 11. the amount of money you will receive if you cancel your policy.
  7. 12. requires you to pay either a set amount or a certain percent of medical expenses, including prescription drugs.
  8. 13. offers health care coverage where the health care provider is paid a predetermined dollar amount for the service given. You may use any health care provider.
Down
  1. 1. is a combination of a life insurance policy and a savings plan. The policy covers you for your entire life. Part of your premium goes into an investment account that grows and earns interest.
  2. 2. protects you against overwhelming medical expenses.
  3. 4. a group of selected health care providers who offer comprehensive services at preset reimbursement levels. You are required to use these "network" providers (that is, a selected group of doctors) unless you are willing to pay additional costs to non-network providers.
  4. 7. the least expensive form of life insurance that you can purchase. You buy term life insurance for a specified term, such as five years, or to a specified age. Unless you renew your policy at the end of each term, the insurance coverage ends.
  5. 8. financial protection for the family in case the main. Source of income dies.