6.05
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Automobile Insurance | Provides payments for both liability and property insurance on a vehicle
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| Beneficiary | Someone who receives money if an insured person dies
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| Claim | A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury
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| Co-Insurance | Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
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| Coverage | The risks covered and amount of money paid for losses under an insurance policy
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| Deductible | The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
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| Dependent | Someone who relies on someone else for income
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| Disability Insurance | Provides payment to replace earnings during times when workers cannot work due to illness or injury
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| Emergency Savings | Cash set aside that can be used to cover the costs of unexpected expenses
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| Employee Benefits | Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
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| Health Insurance | Provides money to pay for health care for illness, injury, or in some cases, preventative care
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| Homeowners Insurance | Provides payment to cover liability losses as well as damage and loss of the home structure and its contents
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| 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
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| In-Kind Insurance | The donation of a product or service in place of cash
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| Liability Insurance | Provides payment to others if a member of the insured household accidentally causes harm to other people or property
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| Life Insurance | Provides payment to beneficiaries who were named by the insured person
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| Long-Term Care Insurance | Provides payment to others if a member of the insured household accidentally causes harm to other people or property
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| Moral Hazard | When the act of insuring an event increases the likelihood that the event will happen
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| 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
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| Policyholder | A person who owns the insurance policy
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| Premium | The money paid to an insurance company to purchase a policy
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| Property Insurance | Provides payment to the insured person if his or her property id damaged or destroyed by an accident covered by the insurance policy
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| Renters Insurance | Provides payments to renters to cover the damage and loss of property in a rental unit in addition to liability losses
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| Risk | The chance of loss from an event that cannot be entirely controlled
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| Insurance | A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses
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Created by:
kalyncaudle
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