Chapter 9 Insurance Dave Ramsey Key Terms Quiz

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

• Beneficiary

• Will

• Claim

• Debtor

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

• Premium

• Claim

• Policy

• Deductible

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

• Premium

• Claim

• Liability

• Out of Pocket

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

• Copayment

• Liability

• Premium

• Claim

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

• Policy Limit

• Premium

• Coverage

• Liability

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

• Deductible

• Coverage

• Premium

• Liability

The state or quality of being obligated according to law or equity (minimum car insurance required by most states) (you are OBLIGATED to pay for someone else if you caused the problem)

• Liability

• Beneficiary

• Comprehensive

• Claim

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

• Out-of-pocket expense

• Premium

• Claim

• Coverage

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

• Deductible

• Premium

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

• Will

• Policy

• Premium

• Beneficiary