Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
6.05
Types of Insurance
| Term | Definition |
|---|---|
| car insurance | payments for liability and property insurance on a car |
| beneficiary | one receives $ if an insured person dies |
| co-insurance | insured individual must pay fixed % of the loss after the deductible has been paid |
| claim | formal request for an insurance company asking for a payment when the policyholder has an accident, illness, or injury |
| coverage | risks covered and amount of $ paid for losses under an insurance policy |
| deductible | out-of-pocket $ paid by policyholder before an insurance company will cover the remaining costs attributed to the loss |
| dependent | reliant on someone else for income and care |
| disability insurance | payment to replace earnings during times when workers cannot work due to injury or illenss |
| emergency savings | cash saved for unexpected events |
| employee benefits | products or services offered extra-curricular to salary |
| health insurance | $ for health care for illness, injury, etc. |
| homeowners insurance | payment to cover liability losses and damage and loss of the home structure and its contents |
| household production | doing something within the home w/out pay that takes raw materials along w/ family member's skill, experience, etc. to make a product/service |
| in-kind income | payment in product/service rather than cash |
| insurance | financial product purchased by many people w/ the same risk in order to protect against risk of larger losses |
| liability insurance | payment to others if a member of the insured household accidentally causes harm to others or property |
| life insurance | payment to beneficiaries who were named by the insured person |
| long-term care insurance | payment for extended nursing care due to accidents, illness, etc. |
| moral hazard | act of insuring an event increases likelihood that the event would happen |
| policy | contract between insurer and insured stating the exact terms |
| policyholder | person owning the insured policy |
| premium | $ paid to an insurer to purchase a policy |
| property insurance | payment to the insured for property damage or destroyed propety covered by the policy terms |
| renters insurance | payment to renters to cover damage and property loss in a rental unit plus liability losses |
| risk | chance of loss from an uncontrollable event |
Created by:
Tate.cord70
Popular Finance sets