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Insurance

6th grade personal finance

TermDefinition
Automobile insurance Limits financial loss due to damage or a car accident
Disability insurance Pays part of your income if you become sick or hurt and cannot work
Health insurance Also known as medical insurance
Homeowner’s insurance Protects your investment against disasters like fire, tornadoes, and robbery
Liability insurance Designed to protect you when someone claims to be hurt because of something you did or did not do
Life insurance Designed to protect against income loss because of death (provides for others)
Long term care insurance Designed to assist with cost of nursing homes or other similar facilities
Medicaid Provided by the federal government for low-income citizens for coverage of healthcare-related expenses
Medicare Provided by federal government for people ages 65+ or with certain health conditions
Renter’s insurance Protects your personal property from theft or damage while living on someone else’s property
Automobile insurance Pays for someone else’s property or injuries if you are at fault in an accident involving a vehicle
Health insurance Protects you from expensive or unexpected healthcare-related expenses
Homeowner’s insurance Provides coverage if someone is injured while visiting your home
Homeowner’s insurance Protects personal property
Created by: rodhames