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Civics Ch. 9-10

Terms in this set (19)

specific amount of money that you pay when insurance only covers a portion of costs
out of pocket expense
paperwork filed with an insurance company in order to get them to cover a loss for someone they insure
claim
describes the type of coverage in an insurance agreement
policy
amount you pay monthly, quarterly, or annually to purchase different types of insurance
Premium
applies to the amount of protection you have through an insurance company in the event of a loss
coverage
amount you must pay before you begin receiving benefits from your insurance company
deductible
the state or quality of being obligated according to law or equity
liability
the time between the disabling event and the beginning of payments in your disability coverage
elimination period
life insurance policy covers a specific period of time calles
term
person who is picky about budgeting and details
nerd
the quality or state of being responsible, liable or answerable
accountability
situation in which a person is lacking time, which leads to stress
time poverty
person who thinks that everything will work out fine and typically hates to deal with the details
free spirit
person's priorities, beliefs and standards that affect how he or she views the world
value system
-covers surgeries and deductibles
-always need it
health insurance
-covers your income in case of illness or injury that prevents you from working
-need once working full time
disability insurance
-covers nursing homes, in-home care expenses
-need at 60+
long-term care
-covers the cost of hiring someone who has the time/knowledge to clean up the mess
-need after highschool
identity theft protection
-replaces lost income due to death
-need when you have dependents who rely on your income
life insurance
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