Insurance Terms

Insurance Terms

Assessment

Flashcard

Financial Education

12th Grade

Practice Problem

Hard

Created by

Amy Barnett

FREE Resource

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14 questions

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1.

FLASHCARD QUESTION

Front

Insurance

Back

An arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer.

2.

FLASHCARD QUESTION

Front

Policy

Back

The contract between an insurance company and the insured individual.

3.

FLASHCARD QUESTION

Front

Coverage

Back

The amount of liability protection offered to an individual through an insurance policy.

4.

FLASHCARD QUESTION

Front

Premium

Back

The amount of money paid for an insurance policy.

5.

FLASHCARD QUESTION

Front

Grace Period

Back

The amount of time after the premium is due in which a policyholder can make a payment without suffering a lapse in coverage.

6.

FLASHCARD QUESTION

Front

Deductible

Back

The amount of money you will pay out of pocket before the insurance company will make a payment.

7.

FLASHCARD QUESTION

Front

Claim

Back

A formal request by a policyholder to their insurance company for compensation for a covered loss.

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