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Insurance
| Question | Answer |
|---|---|
| Provides payments for both liability and property insurance on a vehicle | Automobile insurance |
| -Someone who receives money if an insured person dies | Beneficiary |
| A formal request to an insurance company asking for a payment when thepolicyholder has an accident, illness or injury | Claim |
| Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid | Co‐insurance |
| The risks covered and amount of money paid for losses under an insurance policy | Coverage |
| The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss | Deductible |
| Someone who relies on someone else for income and care | Dependent |
| Provides payment to replace earnings during times when workers cannot work due to illness or injury | Disability insurance |
| Cash set aside that can be used to cover the costs of unexpected expenses | Emergency savings |
| Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages | Employee benefits |
| Provides money to pay for health care for illness, injury, or, in some cases, preventive care | Health insurance |
| Provides payment to cover liability losses as well as damage and loss of the home structure and its contents | Homeowners insurance |
| 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 | Household production |
| The donation of a product or service in place of cash | In‐kind income |
| - A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses. | Insurance |
| Provides payment to others if a member of the insured household accidently causes harm to other people or property | Liability insurance |
| Provides payment to beneficiaries who were named by the insured person | Life insurance |
| Provides payment for extended nursing care due to accidents, illness, or old age | Long‐term careinsurance |
| -When the act of insuring an event increases the likelihood that the event will happen | Moral hazard |
| A contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for any losses | Policy |
| A person who owns the insurance policy | Policyholder |
| The money paid to an insurance company to purchase a policy | Premium |
| Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy. | Property insurance |
| -Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses | Renters insurance |
| The chance of loss from an event that cannot be entirely controlled | Risk |
Created by:
garrett6
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