Insurance Terms

A claim is...

• risks and events that are protected

• the contract that outlines coverage between you and insurance company

• the price you pay for the policy

• a formal request for payment from the insurance company

A deductible is...

• a formal request for payment from the insurance company

• the price you pay out of pocket from a claim before the insurance company will

• splitting the cost of the claim with the insurance company

• the price you pay for the policy

A policy is a _________ the outlines coverage between you and the insurance company

The risks and events that are protected is your

• Coverage

• Premium

• Claim

A financial product purchased to shift the risk

The ________ is the consumer that is covered by insurance policy.

The price you pay for the policy is...

• Deductible

• Coverage

• Premium

What is one benefit of having insurance?