Vocab
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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| Car 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 and care.
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| Disability Insurance | Provides payment to replace earnings during times when workers cannot work due to illness and injury.
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| Emergency Savings | Cash set aside that can be used to cover the costs of unexpected exspenses.
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| Health Insurance | Provides money to pay for health care for illness, injury, or in some cases, preventive care.
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| Homeowners Insurancee | Provides payment to cover liability losses 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 raw materials along with a family member's skill, experiance, knowledge, and epuipment to create a useful product.
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| Insurance | A financial product (called insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses.
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| Liability Insurance | Provides payment to others if a member of the insured household accidently 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 for extended nursing care due to accidents, illness, or old age.
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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 the insurance company to purchase a policy.
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| 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.
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| Renters Insurance | Provides payment 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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Created by:
MarkEfird
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