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PF 6.05

TermDefinition
Automobile insurance Provides payments for both liability and property insurance on a vehicle
Beneficiary Someone who receives money if an insured person dies
Claim A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
Co-insurance Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
Coverage The risks covered and amount of money paid for losses under an insurance policy
Deductible The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
Dependent Someone who relies on someone else for income and care
Disability insurance Provides payment to replace earnings during times when workers cannot work due to illness or injury
Emergency savings Cash set aside that can be used to cover the costs of unexpected expenses
Employee benefits Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
Health insurance Provides money to pay for health care for illness, injury, or, in some cases, preventive care
Homeowners insurance Provides payment to cover liability losses as well as damage and loss of the home structure and its contents
In-kind income The donation of a product or service in place of cash
Insurance A financial product (called an insurance contract or policy)
Liability insurance Provides payment to others if a member of the insured household accidentally causes harm to other people or property (FOR THEIR PROPERTY)
Life insurance Provides payment to beneficiaries who were named by the insured person
Long-term care insurance Provides payment for extended nursing care due to accidents, illness, or old age
Policy 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
Policyholder A person who owns the insurance policy
Premium The money paid to an insurance company to purchase a policy
Property insurance Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy (FOR YOUR PROPERTY)
Renters insurance Provides payment to renters to cover the damage and loss of property in a rental unity in addition to liability losses
Risk The chance of loss from an event that cannot by entirely controlled
Created by: william.hermann