Fin Lit Word Scramble
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Question | Answer |
Automobile Insurance | Provides payments for both liability and property insurance on a vehicle. |
Beneficiary | Someone who receives insurance money if the insured person dies. |
Claim | The paperwork describing the accident, illness or injury that is submitted to the insurance organization. |
Co-insurance | An amount of money, after the deductible, that is paid for jointly by the insured and the insurance company. |
Coverage | The risks covered and amount of money paid for losses under an insurance policy. |
Deductible | The amount paid out of pocket by the policyholder for the initial portion of a loss before the insurance coverage begins. |
Dependent | Someone who relies on someone else for money and care. |
Disability Insurance | Provides payment to replace earnings during times when workers cannot work due to illness or injury. |
Emergency Savings | Cash set aside that can be used to cover the costs of unexpected events. |
Employee Benefits | Products or services provided by an employer that adds extra value for employees beyond wages paid. |
Health Insurance | Provides money to pay for health care for illness, injury, or, in some cases, preventive care. |
Homeowners Insurance | Provides payment to cover liability losses as well as damage and loss of the home and its contents. |
Household Production | 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. |
in-kind Income | The provision of a product or service rather than cash. |
Insurance | A product that transfers risk from an individual to an insurance company or organization. |
Liability Insurance | Provides payment to others if a member of the insured household accidentally causes harm to other people or property. |
Life Insurance | Provides payment to beneficiaries if an insured person dies. |
Long-term care Insurance | Provides payment for extended 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 | An insurance contract that states what risks are covered and how much money will be paid for losses. |
Policyholder | A person who owns the policy. |
Premium | The money paid to an insurance company to purchase a policy. |
Property Insurance | Provides payment to the insured person if property is damaged or destroyed by an accident. |
Renters Insurance | Provides payment to renters to cover the damage and loss of property in a rental unit in addition addition to liability losses. |
Risk | The chance of loss from an event that cannot be entirely controlled. |
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