Personal and Family Finance Unit 5

Terms	Definitions
Beneficiary	a person named in an insurance policy to receive the money from the policy once the conditions of the policy have been met
Claim	request given to an insurance provider to recover a cost of a loss
COBRA	temporary continued coverage of health insurance due to loss of employment
Co-insurance	cost of claims shared by insurance company and insured after deductible
Co-pay	a flat fee given to a health care provider at time of service
Deductible	amount an insured person must pay before the insurance company will pay on a claim
Exclusion	specific items not covered in an insurance policy
Insurance	protection against financial loss
Insurance policy	a written agreement between a consumer and the insurance company
Insurance premium	amount paid on an insurance policy per a given time period
Insurance risk	an unexpected financial loss
Liabilities	the legal responsibilities for another person's financial costs due to a loss or injury
Policy holder	the person who purchased the insurance contract
Rider	an amendment to an insurance contract expanding the coverage

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