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GB Insurance

Insurance Vocab Words

The planned protection provided by sharing economic losses. Insurance
The Person for whom risk is assumed by an insurance company Insured or Policyholder
A contract that states the conditions to which the insurance company and the policyholder have agreed. Policy
A person who sells insurance. Insurance agent
A policyholder's request for payment for a loss that is covered by the insurance policy. Claim
The amount that a policy holder must pay for insurance coverage. Premium
The amount you must pay before the insurance company pays a claim. Deductible
When you and the insurance company share expenses. Coinsurance
The possibility of incurring a loss. Risk
The risks of damage to or loss of property due to theft, wind, fire flood, or some other hazard. Property Risks
Businesses that provide planned protection against economic loss. Insurance Companies
Potential losses to others that occur as a result of injury or damage that you may have caused. Liability Risks
Automobile insurance that provides coverage to high risk drivers who are unable to purchase it otherwise. Assigned-risk Plan
Insurance coverage against almost all losses except those caused from a collision or from the car turning over. Comprehensive Coverage
Insurance coverage that protects you from claims resulting from injuries of deaths for which you are found to be at fault. Bodily Injury Liability Insurance
Life insurance that covers a group of people who are usually employed by the same company or are members of the same organization. Group Life Insurance
The person named in an insurance policy to receive the insurance benefits. Beneficiary
The amount of money received should a policyholder decide to give up the protection provided by a policy. Cash Value
A type of whole life insurance for which premiums are the same each year as long as the policyholder lives. Ordinary Life Insurance
A term life insurance policy that allows the policyholder to continue the term insurance for one or more terms without taking a physical examination to determine whether she or he is still a good risk. Renewable Policy
Insurance designed to protect survivors against the financial loss associated with dying. Life Insurance
A financial benefit from the continued life of a person. Insurable Interest
Term life insurance on which the amount of protection and the premiums remain the same. Level Term Insurance
Permanent insurance extending over the insured's lifetime. Whole Life Insurance
An amount of insurance coverage that was originally purchased and that will be paid upon the insured's death. Face Value
Insurance that combines hospital, surgical, regular, and major medical insurance into one policy. Comprehensive Medical Policy
Insurance that protects a worker against the loss of income because of a long illness or accident. Disability Income Insurance
Insurance that pays for nonsurgical care given in the doctor's office, the patient's home, or a hospital. Regular Medical Insurance
Organizations that provides complete health care to their members for a fixed monthly payment. Health Maintenance Organizations (HMOs)
Insurance that helps pay for normal dental care and covers dental injuries resulting from accidents. Dental Insurance
Insurance that provides medical and survivor benefits to people injured, disabled, or killed on the job. Workers Compensation
Insurance that provides benefits to cover part or all of the surgeon's fee for an operation. Surgical Insurance
Medical expenses assistance administered by state governments to financially needy families. Medicaid
Health insurance provided by the federal government for people age 65 and older and some disabled people. Medicare
Property that is permanently attached to land Real Property
Additional protection of property that covers damage caused by perils such as wind, hail, smoke, and falling aircraft, among other things. Extended Coverage
Insurance that protects you from claims arising from injuries to other people or damage to other people's property caused by you, your family, or your pets. Personal Liability Coverage
Property that is not attached to land. Personal Property
The decrease in the value of property as it becomes older and wears out. Depreciation
A list of goods showing the original cost of each item, when it was purchased, and how long it is expected to last. Inventory
The causes of loss, such as fire, wind, or theft. Perils
Created by: dustin7
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