Insurance Vocab & Review

The recipient of assets passed on from the death of a friend or relative.

• Claim
• Beneficiary
• Policy
• Will

Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure

• Coverage
• Deductible
• Claim
• Will

Applies to the amount of protection you have through an insurance company in the event of a loss.

• Coverage
• Out-of-pocket expense
• Policy
• Premuim

Amount you must pay before you begin receiving any benefits from your insurance company

• Liabilty
• Beneficiary
• Policy
• Deductible

The lowest form of car insurance/The state or quality of being obligated according to law or equity

• Liability

• Premium

• Coverage

• Will

Specific amount of money that you pay when insurance only covers a portion of costs.

• Out-of-pocket expense
• Premium
• Deductible
• Claim

Describes the type of coverage in an insurance agreement

• Beneficiary
• Policy
• Coverage
• Will

Amount you pay monthly, quarterly, semiannually or annually to purchase different types of insurance.

• Premium
• Deductible
• Out-of-pocket expense
• Coverage

A legally enforceable declaration of how a person wishes his or her property to be distributed after death

• Liability
• Beneficiary
• Claim
• Will

Financially it makes sense to stay on your parents' auto insurance policy through college if possible

• True
• False