6.05 Word Scramble
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Term | Definition |
Car Insurance | Provides payments for both liability and property insurance on a vehicle. |
Beneficiary | Someone who receives money if an insured person dies. |
Claim | A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury. |
Co-Insurance | Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid. |
Coverage | The risks covered and amount of money paid for losses under an insurance policy. |
Deductible | The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss. |
Dependent | Someone who relies on someone else for income and care. |
Disability Insurance | Provides payment to replace earnings during times when workers cannot work due to illness and injury. |
Emergency Savings | Cash set aside that can be used to cover the costs of unexpected exspenses. |
Health Insurance | Provides money to pay for health care for illness, injury, or in some cases, preventive care. |
Homeowners Insurancee | Provides payment to cover liability losses as damage and loss of the home structure and its contents. |
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. |
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. |
Liability Insurance | Provides payment to others if a member of the insured household accidently causes harm to other people or property. |
Life Insurance | Provides payment to beneficiaries who were named by the insured person. |
Long-Term Care Insurance | Provides payment for extended nursing 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 | 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. |
Policyholder | A person who owns the insurance policy. |
Premium | The money paid to the insurance company to purchase a policy. |
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. |
Renters Insurance | Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses. |
Risk | The chance of loss from an event that cannot be entirely controlled. |
Created by:
MarkEfird
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