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Fin Lit

Types of Insurance Vocab List

QuestionAnswer
Automobile Insurance Provides payments for both liability and property insurance on a vehicle.
Beneficiary Someone who receives insurance money if the insured person dies.
Claim The paperwork describing the accident, illness or injury that is submitted to the insurance organization.
Co-insurance An amount of money, after the deductible, that is paid for jointly by the insured and the insurance company.
Coverage The risks covered and amount of money paid for losses under an insurance policy.
Deductible The amount paid out of pocket by the policyholder for the initial portion of a loss before the insurance coverage begins.
Dependent Someone who relies on someone else for money 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 events.
Employee Benefits Products or services provided by an employer that adds extra value for employees beyond wages paid.
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 and its contents.
Household Production Doing something in the home without pay that takes raw materials along with a family member's skill, experience, knowledge, and household equipment, to produce a useful product or service.
in-kind Income The provision of a product or service rather than cash.
Insurance A product that transfers risk from an individual to an insurance company or organization.
Liability Insurance Provides payment to others if a member of the insured household accidentally causes harm to other people or property.
Life Insurance Provides payment to beneficiaries if an insured person dies.
Long-term care Insurance Provides payment for extended care due to accidents, illness, or old age.
Moral Hazard When the act of insuring an event increases the likelihood that the event will happen.
Policy An insurance contract that states what risks are covered and how much money will be paid for losses.
Policyholder A person who owns the policy.
Premium The money paid to an insurance company to purchase a policy.
Property Insurance Provides payment to the insured person if property is damaged or destroyed by an accident.
Renters Insurance Provides payment to renters to cover the damage and loss of property in a rental unit in addition addition to liability losses.
Risk The chance of loss from an event that cannot be entirely controlled.
Created by: 11028835