Insurance Flashcards
Provides payments for both liability and property insurance on a vehicle
Automobile insurance
Provides payment to replace earnings during times when workers cannot work due to illness or injury
Disability insurance
Provides money to pay for health care for illness, injury, or, in some cases, preventive care
Health insurance
Provides payment to cover liability losses as well as damage and loss of the home structure and its contents
Homeowners insurance
Provides payment to others if a member of the insured household accidently causes harm to other people or property
Liability insurance
Provides payment to beneficiaries who were named by the insured person
Life insurance
Provides payment for extended nursing care due to accidents, illness, or old age
Long‐term care insurance
Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
Property insurance
Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses
Renters insurance
Someone who receives money if an insured person dies
Beneficiary
A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
Claim
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
Co‐insurance
The risks covered and amount of money paid for losses under an insurance policy
Coverage
The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
Deductible
Someone who relies on someone else for income and care
Dependent
