Insurance terminology scramble – Flashcards
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Amount paid out of pocket by policyholder for the initial portion of a loss before the insurance company pays
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deductable
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title of people receiving money from a life insurance policy after the insured person dies
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beneficiary
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protection for a dwelling against perils like fire and lighting
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homeowners
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accident, theft, damage, destroyed, unexpected
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risk
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fee paid to the insurer to be covered under the specified terms
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premium
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many high school students are covered under their parents for this type of insurance
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health
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consumer who purchased the policy
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policyholder
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people must have this type of insurance to drive their vehicle
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liability
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contract between the individual and an insurer for protection against risk
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insurance
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insurance which helps to provide income during an illness or injury
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disability
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unnecessary insurance for high school students with no financial dependents
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life
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to help individuals limit their financial losses when an accident occurs
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the purpose of influence
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is an arrangement between an individual (consumer) and an insurer (insurance company) to protect the individual against risk from automobile accidents.
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auto insurance
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covers the insured if injuries or damages are caused to other people or their property. It is the minimum amount of insurance required by law for automobiles.
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liability insurance
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covers injuries sustained by the driver of the insured vehicle or any passenger regardless of fault. It also covers insured family members injured as passengers in any car or if they are injured while on foot as a pedestrian or while riding a bicycle.
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medical payment insurance
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insurance covers injury or damage to the driver, passengers, or the vehicle caused by a driver with insufficient insurance.
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uninsured motorists
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covers damages caused to the vehicle. Two optional forms of coverage are available:
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physical damage insurance
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covers a collision with another object, car, or from a rollover.
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collision
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covers all physical damage losses except collision and other specified losses. (fire, water, vandalism, etc)
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comprehensive
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provides protection against financial losses resulting from injury, illness, and disability.
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health
