6.05 Word Scramble
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Term | Definition |
car insurance | payments for liability and property insurance on a car |
beneficiary | one receives $ if an insured person dies |
co-insurance | insured individual must pay fixed % of the loss after the deductible has been paid |
claim | formal request for an insurance company asking for a payment when the policyholder has an accident, illness, or injury |
coverage | risks covered and amount of $ paid for losses under an insurance policy |
deductible | out-of-pocket $ paid by policyholder before an insurance company will cover the remaining costs attributed to the loss |
dependent | reliant on someone else for income and care |
disability insurance | payment to replace earnings during times when workers cannot work due to injury or illenss |
emergency savings | cash saved for unexpected events |
employee benefits | products or services offered extra-curricular to salary |
health insurance | $ for health care for illness, injury, etc. |
homeowners insurance | payment to cover liability losses and damage and loss of the home structure and its contents |
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 |
in-kind income | payment in product/service rather than cash |
insurance | financial product purchased by many people w/ the same risk in order to protect against risk of larger losses |
liability insurance | payment to others if a member of the insured household accidentally causes harm to others or property |
life insurance | payment to beneficiaries who were named by the insured person |
long-term care insurance | payment for extended nursing care due to accidents, illness, etc. |
moral hazard | act of insuring an event increases likelihood that the event would happen |
policy | contract between insurer and insured stating the exact terms |
policyholder | person owning the insured policy |
premium | $ paid to an insurer to purchase a policy |
property insurance | payment to the insured for property damage or destroyed propety covered by the policy terms |
renters insurance | payment to renters to cover damage and property loss in a rental unit plus liability losses |
risk | chance of loss from an uncontrollable event |
Created by:
Tate.cord70
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