Unit 8: Insurance And Risk Management

Front 1

Beneficiary

Back 1

A person named in an insurance policy to receive the money from the policy once the conditions of the policy have been met.

Front 2

Claim

Back 2

Request given to an insurance provider to recover a cost of loss.

Front 3

Co-Pay

Back 3

A flat fee given to health care provider at the time of service.

Front 4

Collision Coverage

Back 4

The insured will be reimbursed for any damage sustained to their person automobile that is due to the fault of the insured driver.

Front 5

Deductible

Back 5

Amount an insured person must pay before the insurance company will pay on a claim.

Front 6

Disability Insurance

Back 6

Insures the beneficiary's earned income against the risk that sickness or injury will make working and earnings impossible.

Front 7

Exclusion

Back 7

Specific items not covered in an insurance policy.

Front 8

Homeowner's Policy

Back 8

Property insurance designed to protect individual home against damages the house possessions with in the home.

Front 9

IRA (Individual Retirement Account)

Back 9

A type of savings account created by the government to encourage people to save for retirement.

Front 10

Insurance

Back 10

Protection against financial loss.

Front 11

Insurance Policy

Back 11

A written agreement between a consumer and the insurance company.

Front 12

Insurance Premium

Back 12

Amount paid on an insurance policy per a given time period.

Front 13

Insurer

Back 13

A person or company that underwrites an insurance risk.

The party in an insurance contract undertaking the pay compensation.

Front 14

Liabilities

Back 14

Anything that is owed (debt).

Front 15

Life Insurance

Back 15

Provides payment to a specific person or persons when the policyholder dies.

Front 16

Market Value

Back 16

The current quoted price at which assets will be replaced if a loss occurs.

Front 17

Personal Risk

Back 17

Exposure to the chance of injury or loss

Front 18

Policy

Back 18

A course or principle of action adopted or proposed by a government, party, business, or individual.

Front 19

Policyholder

Back 19

The person who purchased the insurance contract.

Front 20

Property Risk

Back 20

The possibility of financial loss occurring as the result of owning real estate.

Examples - Liability, Legal issues, Fire or Theft.

Front 21

Renter's Policy

Back 21

Provides most of the benefits of homeowner's insurance with the following exceptions: Coverage or dwelling/structure.

Front 22

Rider

Back 22

An amendment to an insurance contract expanding the coverage.

Front 23

Risk Management

Back 23

Forecasting and evaluating financial risks and identifying the procedures used to avoid or minimize the impact of each risk.