Business Word/Phrase of the Day

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REIMBURSE riɪmˈbɜrs

15 Mar 2013

Verb

  • the customer pays the expenses first and the insurance company pays the customer back after a claim is filed.
Example Sentence: I hope my insurance company reimburses those expenses soon—they totalled nearly $3,000!

 

 

MEDICAL COVERAGE mɛdɪkə kʌvərɪdʒ

14 Mar 2013

Noun

  • medical expenses which are covered by the insurance policy.
Example Sentence: My medical coverage won’t pay for medicine I get abroad.

 

 

TRAVEL INSURANCE trævəl ɪnˈʃʊərəns

13 Mar 2013

Noun

  • insurance which covers travellers in foreign countries, usually covers medical expenses, sometimes additional expenses.
Example Sentence: Travellers insurance is very important when traveling in developing or developed countries.

 

 

POLICY TERMS pɒləsi tɜrms

12 Mar 2013

Noun

  • the details of a policy including exclusions and premium information; terms can also refer to the time frame that the policy covers or includes.
Example Sentence: The terms of this policy are clearly explained at our website.

 

 

POLICY GUIDE pɒləsi gaɪd

11 Mar 2013

Noun

  • a brochure (either paper or online) that details the company’s policies including benefits, policies and other information.
Example Sentence: The company sent me a policy guide that my husband and I read over carefully.

 

 

INSURANCE BENEFITS ɪnˈʃʊərəns bɛnəfɪts

10 Mar 2013

Noun

  • the amount of money the policy will pay after a claim.
Example Sentence: The insurance benefits of this life insurance policy are paid up to $100,000.

 

 

FILE A CLAIM  

07 Feb 2013

 

Phrase

  • send paperwork in which details an event in order to get money from the insurance company.
Example Sentence: Once a claim is filed, you will receive your benefits within 90 days.

 

 

DAMAGE EVENT dæmɪdʒ ɪˈvɛnt

06 Feb 2013

Noun

  • an event such as a natural disaster, car accident, or injury which causes damage to a person or to property.
Example Sentence: Before you can receive your benefits, you need to write a page detailing the damage event.
 

CLAIM kleɪm

05 Feb 2013

 

Noun

  • the filing of an accident, natural disaster or death in order to get money from insurance company.
Example Sentence: Have you filed a claim yet for that car accident?

 

 

ANNUAL PREMIUM ænyuəl primiəm

04 Feb 2013

 

Noun

  • the cost of the insurance paid every year.
Example Sentence: The annual premium is paid on the first of March.

 

 

QUARTERLY PREMIUM kwɔrtərli primiəm

03 Feb 2013

 

Noun

  • the cost of the insurance, paid every 3 months.
Example Sentence: The quarterly premium is the annual premium divided by four.

 

 

PREMIUM primiəm

02 Feb 2013

 

Noun

  • an amount to be paid for an insurance policy.
Example Sentence: My auto insurance premium increased by 25% this year because I had to make a claim last year.

 

 

FIRE INSURANCE faɪər ɪnˈʃʊər əns

01 Feb 2013

Noun

  • insurance which covers a home in case of fire.
Example Sentence: Fire insurance premiums are generally higher if you live in an old house or apartment building.
 

THEFT INSURANCE θɛft ɪnˈʃʊər əns

31 Jan 2013

Noun

  • insurance which covers a home in case it is robbed or broken into by a thief.
Example Sentence: My computer and flat screen tv were both stolen and since I didn’t have theft insurance, I had to replace them both!
 

HOMEOWNERS INSURANCE hoʊmˌoʊ nərs ɪnˈʃʊər əns

30 Jan 2013

Noun

  • insurance which covers a person’s home in case of fire, flood, earthquakes, hurricanes, theft, etc.
Example Sentence: After the typhoon last year, I was so glad that I had opened a homeowners insurance policy!
 
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