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25 terms

Insurance

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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.