Insurance Vocab Words
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| The planned protection provided by sharing economic losses. | Insurance
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| The Person for whom risk is assumed by an insurance company | Insured or Policyholder
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| A contract that states the conditions to which the insurance company and the policyholder have agreed. | Policy
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| A person who sells insurance. | Insurance agent
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| A policyholder's request for payment for a loss that is covered by the insurance policy. | Claim
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| The amount that a policy holder must pay for insurance coverage. | Premium
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| The amount you must pay before the insurance company pays a claim. | Deductible
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| When you and the insurance company share expenses. | Coinsurance
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| The possibility of incurring a loss. | Risk
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| The risks of damage to or loss of property due to theft, wind, fire flood, or some other hazard. | Property Risks
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| Businesses that provide planned protection against economic loss. | Insurance Companies
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| Potential losses to others that occur as a result of injury or damage that you may have caused. | Liability Risks
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| Automobile insurance that provides coverage to high risk drivers who are unable to purchase it otherwise. | Assigned-risk Plan
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| Insurance coverage against almost all losses except those caused from a collision or from the car turning over. | Comprehensive Coverage
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| Insurance coverage that protects you from claims resulting from injuries of deaths for which you are found to be at fault. | Bodily Injury Liability Insurance
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| Life insurance that covers a group of people who are usually employed by the same company or are members of the same organization. | Group Life Insurance
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| The person named in an insurance policy to receive the insurance benefits. | Beneficiary
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| The amount of money received should a policyholder decide to give up the protection provided by a policy. | Cash Value
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| A type of whole life insurance for which premiums are the same each year as long as the policyholder lives. | Ordinary Life Insurance
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| A term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking a physical examination to determine whether she or he is still a good risk. | Renewable Policy
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| Insurance designed to protect survivors against the financial loss associated with dying. | Life Insurance
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| A financial benefit from the continued life of a person. | Insurable Interest
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| Term life insurance on which the amount of protection and the premiums remain the same. | Level Term Insurance
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| Permanent insurance extending over the insured's lifetime. | Whole Life Insurance
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| An amount of insurance coverage that was originally purchased and that will be paid upon the insured's death. | Face Value
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| Insurance that combines hospital, surgical, regular, and major medical insurance into one policy. | Comprehensive Medical Policy
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| Insurance that protects a worker against the loss of income because of a long illness or accident. | Disability Income Insurance
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| Insurance that pays for nonsurgical care given in the doctor's office, the patient's home, or a hospital. | Regular Medical Insurance
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| Organizations that provides complete health care to their members for a fixed monthly payment. | Health Maintenance Organizations (HMOs)
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| Insurance that helps pay for normal dental care and covers dental injuries resulting from accidents. | Dental Insurance
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| Insurance that provides medical and survivor benefits to people injured, disabled, or killed on the job. | Workers Compensation
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| Insurance that provides benefits to cover part or all of the surgeon's fee for an operation. | Surgical Insurance
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| Medical expenses assistance administered by state governments to financially needy families. | Medicaid
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| Health insurance provided by the federal government for people age 65 and older and some disabled people. | Medicare
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| Property that is permanently attached to land | Real Property
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| Additional protection of property that covers damage caused by perils such as wind, hail, smoke, and falling aircraft, among other things. | Extended Coverage
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| Insurance that protects you from claims arising from injuries to other people or damage to other people's property caused by you, your family, or your pets. | Personal Liability Coverage
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| Property that is not attached to land. | Personal Property
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| The decrease in the value of property as it becomes older and wears out. | Depreciation
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| A list of goods showing the original cost of each item, when it was purchased, and how long it is expected to last. | Inventory
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| The causes of loss, such as fire, wind, or theft. | Perils
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