Types of Insurance
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| car insurance | payments for liability and property insurance on a car
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| beneficiary | one receives $ if an insured person dies
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| co-insurance | insured individual must pay fixed % of the loss after the deductible has been paid
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| claim | formal request for an insurance company asking for a payment when the policyholder has an accident, illness, or injury
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| coverage | risks covered and amount of $ paid for losses under an insurance policy
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| deductible | out-of-pocket $ paid by policyholder before an insurance company will cover the remaining costs attributed to the loss
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| dependent | reliant on someone else for income and care
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| disability insurance | payment to replace earnings during times when workers cannot work due to injury or illenss
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| emergency savings | cash saved for unexpected events
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| employee benefits | products or services offered extra-curricular to salary
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| health insurance | $ for health care for illness, injury, etc.
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| homeowners insurance | payment to cover liability losses and damage and loss of the home structure and its contents
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| household production | doing something within the home w/out pay that takes raw materials along w/ family member's skill, experience, etc. to make a product/service
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| in-kind income | payment in product/service rather than cash
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| insurance | financial product purchased by many people w/ the same risk in order to protect against risk of larger losses
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| liability insurance | payment to others if a member of the insured household accidentally causes harm to others or property
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| life insurance | payment to beneficiaries who were named by the insured person
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| long-term care insurance | payment for extended nursing care due to accidents, illness, etc.
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| moral hazard | act of insuring an event increases likelihood that the event would happen
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| policy | contract between insurer and insured stating the exact terms
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| policyholder | person owning the insured policy
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| premium | $ paid to an insurer to purchase a policy
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| property insurance | payment to the insured for property damage or destroyed propety covered by the policy terms
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| renters insurance | payment to renters to cover damage and property loss in a rental unit plus liability losses
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| risk | chance of loss from an uncontrollable event
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