Term
| Common types of insurance for small businesses (6) |
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Definition
Commercial General Liability Insurance
Business Personal Property Insurance
Worker's Comp (mandatory)
Professional Liability Insurance
Fidelity Bond
Commercial Automobile Insurance |
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Term
| Commercial General Liability Insurance = |
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Definition
broad form of coverage;
protects against bodily injury, property damage, personal injury |
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Term
| Business Personal Property Insurance |
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Definition
| covers personal property owned by YOU |
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Term
| Worker's Comp & Employer's Liability |
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Definition
"no-fault" system;
employers receive immunity from civil lawsuits over workplace injuries;
firms c 5+ employees must have worker's comp |
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Term
| Professional Liability Insurance: covers... (4) |
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Definition
professional negligence
intentional conduct >> pt injury
violation of good faith/fair dealing
failure to achieve promises |
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Term
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Definition
| incident AND claim occur during policy term |
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Term
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Definition
| incident occurs during policy term (doesn't matter when claim is made; it will be covered, even if 22 yr later) |
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Term
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Definition
| covers for losses incurred due to fraud/losses caused by dishonesty of employees |
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Term
| Commercial Auto Insurance: covers rental vehicles? |
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Definition
| yes (if used for business purposes) |
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Term
| Employee Insurance Benefits (4) |
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Definition
life insurance
medical insurance
disability insurance
accidental death & dismemberment insurance |
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Term
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Definition
| pays out sum of money to beneficiaries upon policyholder's death |
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Term
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Definition
| covers against loss from illness/bodily injury |
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Term
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Definition
| pays you when you are unable to work 2ยบ to injury/medical condition |
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Term
| Short-term disability insurance |
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Definition
pays portion of lost salary for
6 months or less of work
(100% for first payouts, drops to ~60% thereafter/p 6mos) |
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Term
| Long-term disability insurance |
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Definition
| pays 50-70% of salary in case of missing work for extended period |
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Term
| Accidental Death & Dismemberment insurance |
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Definition
pays benefits to beneficiary if cause of death is accidental;
fractional amounts paid if bodily appendage is lost |
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Term
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Definition
classify diseases/injuries;
DIAGNOSIS |
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Term
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Definition
current procedural terminology;
describes SERVICES/procedures rendered |
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