INSURANCE & RISK
AUTO INSURANCE
PROPERTY INSURANCE
Life & Health Insurance
Vocabulary Terms
100
Protection against possible financial loss
What is insurance
100
Insurance that provides payments for both liability and property insurance on a vehicle
What is automobile insurance
100
Coverage that provides protection for your residence and its associated financial risks
What is homeowners insurance
100
A person named to receive the benefits from a life insurance policy
What is a beneficiary
100
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
What is a policy.
200
A legal responsibility for the financial cost of another person's lossess of injuries
What is liability
200
Insurance that covers damage to your vehicle when its involved in an accident
What is collision insurance
200
Provides payment to the insured person if his or per property is damaged or destroyed by an accident covered by the insurance policy
What is property insurance
200
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
What is Co-insurance
200
The percentage of the medical expenses the policy holder must pay in addition to the deductible amount
What is coinsurance
300
What is the chance of loss from an event that cannot be entirely controlled
What is risk
300
Insurance that covers physical injuries caused by a vehicle accident for which you are responsible
What is Bodily injury liability
300
Additional property insurance that covers the damage or loss of a specific item of high value
What is personal property floater
300
Provides money to pay for health care for illness, injury, or, in some cases, preventive care
What is health insurance
300
A formal request to an insurance company asking for payment when the policyholder has an accident, illness or injury
What is a claim
400
A fee paid for insurance
What is a premium
400
Insurance that protects you if your vehicle is damaged in a non-accident situation
What is comprehensive physical damage
400
Payment based on the replacement cost of an item minus depreciation
What is actual cash value
400
Provides payment to replace earnings during times when workers cannot work due to illness or injury
What is disability insurance
400
A group of doctors and hospitals that agree to provide specified medical services to members at prearranged fees
What are preferred provider organization (PPO)
500
The set amount that the policyholder must pay per loss on an insurance policy
What is a deductible
500
Insurance that covers you and your family members if you are involved in an accident with an uninsured or hit & run driver
What is uninsured motorist protection
500
Pays the cost of minor accidental injuries to visitors on your property
What is medical payment coverage
500
Provides payment for extended nursing care due to accidents, illness or old age
What is long-term care insurance
500
The donation of a product or service in place of cash
What is In-kind income