- StudyBlue
- Missouri
- University of Missouri- Columbia
- Finance
- Finance 1000
- Steber
- Finance Test 2 Review
Finance Test 2 Review
Finance 1000 with Steber at University of Missouri- Columbia
About this deck
By: Madison McCormack
Created: 2011-05-01
Size: 40 flashcards
Views: 42
Created: 2011-05-01
Size: 40 flashcards
Views: 42
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health insurance
provides benefit payments for health care expenses
private health insurance
any health insurance policy purchased from a private insurance company
deductible
the amount of money the policyholder pays for a loss before the insurance coverage takes over
co-insurance
the percent of cost sharing between the policy holder and the insurance company
co-pay
a payment the policyholder makes for each medical service received
annual out-of-pocket limit
the maximum out-of-pocket expenses you must pay for covered services before your insurance pays 100% of your covered medical expenses for an entire year
lifetime maximum benefit
the maximum amount the insurance company will pay for claims over the policy holder's life
managed health care plans
a plan that requires you to choose a medical provider who is a part of your provider's network
3 types of managed health care plans
HMO (Health maintenance organization), PPO (Preferred provider organization), Point of Service plan
HMO (Health Maintenance Organization)
a managed health care plan that allows its members medical services performed by approved doctors and hospitals
PPO (Preferred Provider Organization)
a managed health care plan that offers medical benefits through a list of approved providers
Point-of-Service plan
a health insurance plan with combined components of indemnity plans, HMOs, and PPOs
dental insurance
covers expenses such as dental checkups, miscellaneous dental work, or orthodontics
optometry care insurance
covers vision care
high deductible insurance
health insurance is also referred to as catastrophic health insurance because it only pays if you have a medical catastrophe
COBRA Act
requires companies to allow employees to continue in a company sponsored health insurance plan for 18 months to 3 years after leaving the company
medicaid
a government sponsored health insurance plan for individuals and families with limited income and assets
medicare
a government sponsored health insurance plan for qualified older and disabled persons
disability insurance
an insurance policy that provides income for people who become disabled
elimination period
a waiting period that is the length of time the original disability-causing event to the time when the policy begins to make payments
probationary period
the length of time from initial application for disability insurance to the next time when coverage takes effect
sources of disability insurance
private insurance policy, employer provided, worker's comp, social security
beneficiary
the person or organization designated to receive the death benefit of a life insurance policy
contingent beneficiary
a person who receives policy benefits if the primary beneficiary cannot
people who do not need life insurance
the independently wealthy, people on a retirement plan, single people, married couple with no dependents, children, retirees
stock life insurance
a life insurance issuer owned by stockholders
mutual life insurance
life insurance issuer owned by its policyholders
term life insurance
provides coverage for a certain period of time
permanent life insurance
coverage that is for a lifetime
vested benefits
benefits to which employees are entitled even if they leave the employer before reaching retirement age
ERISA
federal law that sets minimum standards for retirement plans in private industry
defined contribution plan
a retirement plan from an employer that promises a certain amount of income upon retirement. employer and employee can both make contributions
characteristics of defined contribution plan
tax break: any contributions that an individual makes to a qualified plan are not taxed until payment of retirement benefits years into the future.
flixible: having alternative investment accounts to which people can direct their contributions (ex: mutual funds, stocks, bonds)
types of defined contribution
401K plan, 403B plan, Simplified Employee Pension (SEP), Simple IRA plan
401K
the most popular defined contribution plan allows employees to contribute up to 15K pretax and may also allow employer matching contributions
403B
a defined contribution plan that is very similar to a 401K plan but is offered by nonprofit organizations
Simplified Employee Pension (SEP)
a retirement plan for small businesses that have at least one employee where only the employer is allowed to make contributions for an employee
Simple IRA
an IRA for small businesses in which the employer matches employee contributions
Traditional IRA
retirement account set up by the individual rather than the employer (no tax on contribution)
Roth IRA
making more than 100K (contributions may be withdrawn at any age tax free)
About this deck
By: Madison McCormack
Created: 2011-05-01
Size: 40 flashcards
Views: 42
Created: 2011-05-01
Size: 40 flashcards
Views: 42
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy