Chapter 9

Question 1

Beneficiary

Answer 1

The recipient of assets passed on from death of a friend or relative

Question 2

Claim

Answer 2

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure

Question 3

Coverage

Answer 3

Applies to the amount of protection you have through an insurance company in the event of a loss

Question 4

Deductible

Answer 4

Amount you must pay before you begin receiving any benefits from your insurance company

Question 5

Liability

Answer 5

The state or quality of being obligated according to law or equity

Question 6

Out-of-pocket Expense

Answer 6

Specific amount of money that you pay when insurance only covers a portion of the cost

Question 7

Policy

Answer 7

Describes the type of coverage in an insurance agreement

Question 8

Premium

Answer 8

Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance

Question 9

Will

Answer 9

A legally enforceable declaration of how a person wished his or her property to be distributed after death