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GB Insurance
Insurance Vocab Words
| Question | Answer |
|---|---|
| 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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