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Insurance

QuestionAnswer
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