Chapter 9 Insurance Dave Ramsey Key Terms Quiz

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

• Beneficiary

• Will

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

• Premium

• Claim

Financial cost of obtaining an insurance cover, paid as a lump sum or in installments during the duration of the policy

• Premium

• Claim

A fixed amount you pay for a covered health care service after you've paid your deductible

• Copayment

• Liability

The maximum benefit an insurance company will pay a policyholder if/when an insured event occurs.

• Policy Limit

• Premium

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

• Deductible

• Coverage

The state or quality of being obligated according to law or equity (minimum car insurance required by most states)

• Liability

• Beneficiary

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

• Out-of-pocket expense

• Premium

Describes the type of coverage in an insurance agreement Premium: Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance

• Will

• Policy

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

• Will

• Policy