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Fin Lit
Types of Insurance Vocab List
| 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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