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23 Cards in this Set
- Front
- Back
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Beneficiary |
a person named in an insurance policy to receive the money from the policy once the conditions of the policy have been met |
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claim |
request given to an insurance provider to recover a cost of a loss |
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co-pay |
a flat fee given to a health care provider at the time of service |
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collision coverage |
the insured will be reimbursed for any damage sustained to their personal automobile that is due to the fault of the insured driver |
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Deductible |
Amount an insured person must pay before the insurance company will pay on a claim |
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Disability Insurance |
Insures the beneficiary's earned income against the risk that sickness or injury will make working and earning impossible |
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Exclusion |
specific items not covered in an insurance policy |
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Homeowner's Policy |
Property insurance designed to protect an individual's home against damages to the house or possessions within the home. |
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Individual Retirement Account (IRA) |
A type of savings account created by the government to encourage people to save for retirement. |
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Insurance |
Protection against financial loss |
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Insurance Policy |
A written agreement between a consumer and the insurance company. |
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Insurance Premium |
Amount paid on an insurance policy per a given time period. |
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Insurer |
A person or company that underwrites an insurance risk. The party in an insurance contract undertaking the pay compensation |
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Liabilities |
Anything that is owed (debt) |
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Life Insurance |
Provides payment to a specific person or persons when the policyholder dies |
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Market Value |
The current quoted price at which assets will be replaced if a loss occurs |
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Personal Risk |
Exposure to the chance of injury or loss |
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Policy |
A written agreement between an individual and insurance company, outlining all terms of the insurance coverage and premium |
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Policyholder |
The person who purchased the insurance contract |
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Property Risk |
The possibility of financial loss occurring as the result of owning real estate |
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Renter's Policy |
Provides most of the benefits of homeowners' insurance with the following exceptions: Coverage for dwelling/structure |
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Rider |
An amendment to an insurance contract expanding the coverage |
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Risk Management |
Forecasting and evaluating financial risks and identifying the procedures used to avoid or minimize the impact of each risk |
