the chance of injury, damage, or economic loss
some type of physical injury, damage to property, or absence of property.
the likelihood of a risk actually resulting in a loss
the price you pay for insurance
to set aside money to be used in the event of injury or loss of assets.
the money you must pay before your insurance company begins to pay
a plan for sharing the risk of medical costs from injury or illness
an amount you must pay each time you use a medical service
a feature of a health care plan to cover 100 percent coverage after a certain amount of money has already been paid for medical expenses.
a plan which provides money to replace a portion of normal earnings when the insured person is unable to work due to an injury or illness that is not job-related.
a plan which pays money when the insured person dies.
the person designated to receive life insurance benefits.
term life insurance
a policy that provides a death benefit but no cash value for a specific period of time--assuming premiums are paid.
the stated sum (amount of money) a life insurance policy pays if the insured dies within the coverage period.
permanent life insurance
a policy which provides a death benefit and builds cash value.
group life insurance
life insurance that is purchased through an employer or an organization.
a policy that can be taken with you when you leave your job.
insurance to protect the policyholder from risk of loss in the home including the building and its contents
a policy which protects renters from the risk of losing personal property.
a policy that protects the owner of a car from losses as a result of accidents.
insurance that provides coverage against catastrophic loss in addition to car and home insurance.