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Finance 6.05

Types of Insurance

TermDefinition
Automobile Insurance Provides payments for both liability and property insurance on a vehicle.
Beneficiary Someone who receives money if an insured person dies.
Claim A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury.
Co-insurance Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid.
Coverage The risks covered and amount of money paid for losses under an insurance policy.
Deductible The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss.
Dependent Someone who relies on someone else for income and care.
Disability Insurance Provides payment to replace earnings during times when workers cannot work due to illness or injury.
Emergency savings Cash set aside that can be used to cover the costs of unexpected events.
Employee benefits Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages.
Health Insurance Provides money to pay for health care for illness, injury, or, in some cases, preventive care.
Homeowners Insurance Provides payment to cover liability losses as well as damage and loss of the home structure and its contents.
Household production Doing something in the home without pay that takes raw materials along with a family member's skill, experience, knowledge, and household equipment, to produce a useful product or service.
In-kind income The donation of a product or service in place of cash.
Insurance A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger loss.
Liability Insurance Provides payment to others if a member of the insured household accidentally causes harm to other people or property/
Life Insurance Provides payment to beneficiaries who were named by the insured person.
Long-term care insurance Provides payment for extended nursing care due to accidents, illness, or old age.
Moral hazard When the act of insuring an event increases the likelihood that the event will happen.
Policy A contract between the insurance company and the insured that states the exact terms of policy including the what risks are covered and how much will be paid for any losses.
Policyholder A person who owns the insurance policy.
Premium The money paid to an insurance company to purchase a policy.
Property insurance Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
Renters insurance Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses.
Risk The chance of loss from an event that cannot be entirely controlled.
Created by: Tou Xiong