Insurance Key Terms

Provides Payments for both liability and property insurance on a vehicle

• Auto Insurance

• Beneficiary

• Claim

• Co-insurance

Someone who receives money if an insured person dies

• Auto Insurance

• Co-insurance

• Claim

• Beneficiary

Requires the insured to pay a fixed % of the loss after the deductible has been paid

• Beneficiary

• Auto Insurance

• Claim

• Co-Insurance

A formal request to an insurance company asking for a payment when the policyholder has an accident, illness, or injury

• Auto Insurance

• Beneficiary

• Claim

• Co-Insurance

The chance of loss from an event that cannot be entirely controlled

• Renter's Insurance

• Policy

• Dependent

• Risk

Provides payment to cover the damage and loss of property in a rental unit in addition to liability losses

• Risk

• Renter's Insurance

• Premium

• Policyholder

The money paid to an insurance company to purchase a policy

• Risk

• Premium

• Policy

• Insurance

Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.

• Renter's Insurance

• Property Insurance

• Risk

• Policyholder

A person who owns the insurance policy

• Beneficiary

• Dependent

• Risk

• Policyholder

When the act of insuring an event increases the likelihood that it will happen

• Deductible

• Beneficiary

• Moral hazard

• Claim