Insurance Flashcards
Policy
The agreement or contract between an individual and an insurance company
Insurance
An agreement in which an individual pays a company to protect him or her from possible loss or damage
Dependents
The person who depends on someone for their livelihood. Most often these are minor children and the spouse
Automobile
A type of insurance that covers property damage or legal liabilities in the vent of an auto accident
Term-life insurance
A type of life insurance that pays a benefit only when a person dies during the term or time period of the policy
Beneficiary
The individual or group of individuals named to receive the benefit of a life insurance policy
Health Insurance
A type of insurance that covers the cost of both planned and unexpected health services.
Home Owners Insurance
A type of insurance that replaces the insured’s home and personal property if they are damaged due to events such as theft or fire
Life Insurance
An insurance that pays a sum of money to a beneficiary when the insured individual dies
Coverage
The things that are protected or covered in an insurance policy
Rental Insurance
A type of insurance that replaces personal property in a rental residence
Deductible
The amount of the loss you pay when you file an insurance claim
Premium
The cost of an insurance policy
Disability Insurance
A type of insurance that replaces the income of the insured individual if he or she cannot work due to injury or illness
Whole Life Insurance
A type of life insurance that pays a benefit no matter when you die
