Insurance Operations 2013 Chapter 5: Disability, Long-Term Care, and Life Insurance

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1 Chapter 5: Disability, Long-Term Care, and Life Insurance Tools: Printer 8.5 x 11 paper Scissors Directions: 1. Print 2. Fold paper in half vertically 3. Cut along dashed lines Copyright Goodheart-Willcox Co., Inc. All rights reserved.

2 disability insurance A program that pays a worker a percentage of their income if they become ill or are injured and unable to work. 01 of 26 E-Flash Cards short-term disability Disability coverage that pays a portion of a person's income for up to three months. 02 of 26 E-Flash Cards long-term disability The disability coverage that begins after short-term disability expires, typically replacing 40% to 60% of pre-disability income. 03 of 26 E-Flash Cards workers' compensation insurance An insurance policy that covers about two-thirds of a worker's income if he or she suffers a disabling illness or injury on the job. 04 of 26 E-Flash Cards

3 renewability The requirements to renew a policy if it lapses. 05 of 26 E-Flash Cards cost of living adjustments A change in benefit payments corresponding to the change in the cost of living. 06 of 26 E-Flash Cards future purchase option A feature of an insurance policy that gives the policyholder an opportunity periodically to increase his or her policy's benefit amount without having to take a medical exam. 07 of 26 E-Flash Cards Social Security Disability Insurance (SSDI) A social insurance program that pays benefits to disabled persons who cannot work for a year or more. Funding for the program comes from payroll taxes. 08 of 26 E-Flash Cards

4 long-term care Intensive and on-going care needed because of health challenges. 09 of 26 E-Flash Cards long-term care insurance Financial protection that pays the costs of care for long-term, chronic conditions, such as Alzheimer's or Parkinson's disease. 10 of 26 E-Flash Cards Medicare A public health insurance program run by the federal government that provides health insurance for Americans age 65 and older. 11 of 26 E-Flash Cards Medicaid A public health care program that functions as a social safety net and covers low-income Americans. 12 of 26 E-Flash Cards

5 indemnity policy A fixed benefits amount that is paid regardless of actual costs incurred. 13 of 26 E-Flash Cards expense-incurred policy A policy in which a maximum benefit amount is selected upfront. This plan will only pay up to the cost of treatment, and the participant will not retain the difference for services that do not reach the maximum benefit amount. 14 of 26 E-Flash Cards pooled benefit policy A policy that pays the actual cost of care up to the maximum daily benefit stated in a policy. If the maximum daily benefit is more than what is needed to pay for care, the remaining money goes toward extending your benefit. 15 of 26 E-Flash Cards partnership long-term care policy A way to qualify for Medicaid without first expending all assets. For every dollar a policy pays in benefits, this policy will protect a dollar of assets. 16 of 26 E-Flash Cards

6 life insurance Pays a benefit to beneficiaries when the insured dies. 17 of 26 E-Flash Cards proof of insurability A part of acquiring an insurance policy that requires a medical exam as well as information provided on the insurance company's application. This information determines the rate of the insurance policy. 18 of 26 E-Flash Cards insurable interest Having or receiving a benefit from the person, such as financial support, makes that person a source of insurable interest. 19 of 26 E-Flash Cards term life insurance A life insurance policy that covers a person over a set period of years, usually from zero to of 26 E-Flash Cards

7 permanent life insurance A policy that lasts for life, also known as whole life insurance, which pays a death benefit to beneficiaries and contains a savings component. 21 of 26 E-Flash Cards cash value component The savings account portion of a permanent life policy. 22 of 26 E-Flash Cards surrender value The cash value, minus certain expenses, a policyholder receives as a payout after cancelling a qualified insurance policy. 23 of 26 E-Flash Cards rate of return The amount of money an investment makes. 24 of 26 E-Flash Cards

8 dividend A voluntary periodic payout from company profits to policyholders with qualifying life insurance policies. 25 of 26 E-Flash Cards guaranteed minimum interest rate Money in an account will earn at least the specified rate of return. 26 of 26 E-Flash Cards

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