Insurance Vocabulary Review

Front

The cost of the insurance

Back

Premium

Front

This is a cost-sharing amount with the insurance company.

Back

Copayment

Front

Auto insurance that protects you against costs to repair your own vehicle after a crash.

Back

Collision Coverage

Front

A type of insurance paid to an individual if they are injured and unable to work for a specified length of time.

Back

Disability Insurance

Front

Auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident.

Back

Liability Coverage

Front

A situation involving exposure to danger, harm, or loss.

Back

Risk

Front

At least six months of expenses set aside to cover costs of unexpected expenses.

Back

Emergency Funds

Front

A contract between the insurance company and the insured that states the exact terms of the policy.

Back

Policy

Front

The amount you must pay on a claim before insurance comes into play.

Back

Deductible

Front

Someone who receives money if an insured person dies.

Back

Beneficiary