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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 risk covered and amount of money paid for losses under an insurance policy

Deductible

The amount paid out of pocket by the policy holder 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

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.

Long-term care insurance

Provides payment for extended care due to accidents, illnesses, or old age.

Life insurance

Provides payment to beneficiaries if an insured person dies

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 to liability losses

Risk

The chance of loss from an event that cannot be entirely controlled.

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