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PCS Personal Fin
Personal Finance Key Terms Ch. 9
| Term | Definition |
|---|---|
| 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 |