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PCS Personal Fin

Personal Finance Key Terms Ch. 9

TermDefinition
beneficiary the recipient of assets passed on from the death of a friend or relative
claim paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
coverage applies to the amount of protection you have through an insurance company in the event of a loss
deductible amount you must pay before you begin receiving any benefits from your insurance company
liability the state or quality of being obligated according to law or equity
out-of-pocket expense specific amount of money that you pay when insurance only covers a portion of costs
policy describes the type of coverage in an insurance agreement
premium amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance
will a legally enforceable declaration of how a person wishes his or her property to be distributed after death
Created by: Ms.Sala