Insurance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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Provides payments for both liability and property insurance on a vehicle | Automobile insurance
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-Someone who receives money if an insured person dies | Beneficiary
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A formal request to an insurance company asking for a payment when thepolicyholder has an accident, illness or injury | Claim
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Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid | Co‐insurance
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The risks covered and amount of money paid for losses under an insurance policy | Coverage
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The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss | Deductible
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Someone who relies on someone else for income and care | Dependent
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Provides payment to replace earnings during times when workers cannot work due to illness or injury | Disability insurance
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Cash set aside that can be used to cover the costs of unexpected expenses | Emergency savings
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Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages | Employee benefits
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Provides money to pay for health care for illness, injury, or, in some cases, preventive care | Health insurance
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Provides payment to cover liability losses as well as damage and loss of the home structure and its contents | Homeowners insurance
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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 | Household production
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The donation of a product or service in place of cash | In‐kind income
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- 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. | Insurance
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Provides payment to others if a member of the insured household accidently causes harm to other people or property | Liability insurance
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Provides payment to beneficiaries who were named by the insured person | Life insurance
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Provides payment for extended nursing care due to accidents, illness, or old age | Long‐term careinsurance
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-When the act of insuring an event increases the likelihood that the event will happen | Moral hazard
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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 | Policy
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A person who owns the insurance policy | Policyholder
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The money paid to an insurance company to purchase a policy | Premium
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Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy. | Property insurance
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-Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses | Renters insurance
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The chance of loss from an event that cannot be entirely controlled | Risk
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Created by:
garrett6
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