group insurance
Employer-sponsored protection plan
Group insurance is coverage purchased by an organization—typically an employer—for its members or employees.
Premiums are usually lower than individual policies because risk spreads across many people.
Health insurance is the most common form: The job doesn't pay much, but the group insurance is excellent.
Life and disability coverage are also frequently offered through group plans.
Owner of insurance contract
- beneficiariesThose who receive advantages
- claimsStatements of truth
- exclusionsThings deliberately left out
- ridersThose who mount animals
endorsement · renewal · deductibles · indemnity · liability · adjuster · waiting period · pre-existing conditions
Funded by one's workplace
- employeesPaid staff members
- workplaceEmployment location
- enrollmentAct of registering officially
- membersPeople in an organization
union · corporate · pooled · contributory · non-contributory · fringe benefits · pension · retirement
Payments for insurance coverage
- actuaryFinancial risk analyst
- actuarialOf risk calculation
- underwriterOne who assumes financial risk
- risk assessmentEvaluating likelihood of harm
pooling · diversification · solvency · exposure · claims history · adverse selection
Network-based insurance plan
- PPOPreferred provider organization
- deductibleOut-of-pocket threshold amount
- copaymentPatient's fixed healthcare charge
- networkInterconnected system
provider · pharmacy · wellness · preventive · hospitalization · physician · specialist · medication
Guarding against harm
- safety netProtection against failure
- peace of mindState without anxiety
- financial securityReliable access to funds
- income replacementFunds covering lost earnings
death benefit · disability · accidental death · survivor benefits
policyholder
Owner of insurance contract
- beneficiariesThose who receive advantages
- claimsStatements of truth
- exclusionsThings deliberately left out
riders · endorsement · renewal · deductibles · indemnity · liability · adjuster · waiting period · pre-existing conditions · portability
employer-sponsored
Funded by one's workplace
- employeesPaid staff members
- workplaceEmployment location
- enrollmentAct of registering officially
members · union · corporate · pooled · contributory · non-contributory · fringe benefits · pension · retirement · collective bargaining
premiums
Payments for insurance coverage
- actuaryFinancial risk analyst
- actuarialOf risk calculation
- underwriterOne who assumes financial risk
risk assessment · pooling · diversification · solvency · exposure · claims history · adverse selection
HMO
Network-based insurance plan
- PPOPreferred provider organization
- deductibleOut-of-pocket threshold amount
- copaymentPatient's fixed healthcare charge
network · provider · pharmacy · wellness · preventive · hospitalization · physician · specialist · medication · treatment
protection
Guarding against harm
- safety netProtection against failure
- peace of mindState without anxiety
- financial securityReliable access to funds
income replacement · death benefit · disability · accidental death · survivor benefits
- insurancecoverage, underwriting, premium, claims, insurer
- cost sharingcopay, deductible, coinsurance, out-of-pocket, family plan
- employee benefitspension, 401k, 401(k), retirement, vacation
- health insurancepremium, deductible, copay, coverage, premiums
- risk managementrisk sharing, risk analysis, risk factor, risk mitigation, risk appetite
- health plansHMO, PPO, EPO, family plan, individual plan