Insurance Terms Flashcards

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Automobile insurance

Back

Provides payments for both liability and property insurance on a vehicle

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Beneficiary

Back

Someone who receives money if an insured person dies

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Claim

Back

A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury

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Co-insurance

Back

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

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Coverage

Back

The risks covered and amount of money paid for losses under an insurance policy

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Deductible

Back

The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

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Dependent

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A person who relies on someone else for financial support

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Disability insurance

Back

Provides payment to replace earnings during times when workers cannot work due to illness or injury

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Emergency savings

Back

Cash set aside that can be used to cover the costs of unexpected expenses

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Employee benefits

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Employers may offer benefits in the form of products or services that add extra value for employees beyond earned wages