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Types of Insurance
Terms in this set (24)
Provides payments for both liability and property insurance on a vehicle.
Someone who receives money if an insured person dies.
A formal request to an insurance company asking for a payment when the policy holder has an accident, illness, or injury.
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid.
The risks covered and amount of money paid for losses under an insurance policy.
The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss.
Someone who relies on someone else for income and care.
Provides payment to replace earnings during times when workers cannot work due to illness or injury.
Cash set aside that can be used to cover the costs of unexpected expenses. ($1,000 at least)
Employers may offer employee benefits in the form of products or services that has extra value for employees beyond earned wages.
Provides money to pay for health care for illness, injury, or in some cases preventative care.
Provides payment to cover liability losses as well as damage and loss of the home structure and its contents.
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.
The donation of a product or service in place of cash.
A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses.
Provides payment to others if a member of the insured household accidentally causes harm to other people or property.
Provides payment to beneficiaries who were named by the insured person.
Long-Term Care Insurance
Provides payment for an extended nursing care due to accidents, illness, or old age.
When the act of insuring an event increases the likelihood that the event will happen.
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.
A person who owns the insurance policy.
The money paid to an insurance company to purchase a policy.
Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
The chance of loss from an event that cannot be entirely controlled.