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Insurance
| Definition | Term |
|---|---|
| Someone who receives money if an insured person dies. | Beneficiary |
| A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury. | Claim |
| Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid. | Co-insurance |
| the risks covered and amount of money paid for losses under an insurance policy. | Coverage |
| The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss. | Deductible |
| Someone who relies on someone else for income and care. | Dependent |
| Provides payment to replace earnings during times when workers cannot work due to illness or injury. | Disability Insurance |
| employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages. | Employee Benefits |
| Provides money to pay for health care for illness, injury, or, in some cases, preventive care. | Health Insurance |
| 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 |
| Provides payment to beneficiaries who were named by the insured person. | Life Insurance |
| Provides payment to for extended nursing care due to accidents, illness, or old age. | Long-Term Careinsurance |
| 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 |
| A person who owns the insurance policy. | Policyholder |
| The money paid to an insurance company to purchase a policy. | Premium |
| The chance of loss from an event that cannot be entirely controlled. | Risk |
Created by:
Wolfpack2019
Popular Insurance sets