Insurance Vocabulary Assignment

Pays to fix or replace YOUR vehicle in accidents. This is optional car insurance and often depends on the value of your vehicle.

• Automobile Collision Insurance

• Claim

• Automobile Liability Insurance

• Deductible

Required by the state in order to drive your car, it pays for injury or loss to others.

• Automobile Collision Insurance

• Claim

• Automobile Liability Insurance

• Deductible

Limited medical coverage that includes doctor visits and routine services, hospital and surgical expenses.

• Homeowner's Insurance

• Risk Management

• Basic Health Insurance

• Premium

A formal request to an insurance company asking for payment when the policy holder has an accident, illness or injury.

• Deductible

• Premium

• Copayment

• Claim

A set dollar amount paid upfront for a healthcare service, such as $15 for each office visit with a doctor.

• Deductible

• Premium

• Copayment

• Claim

The out of pocket money paid by the policyholder before an insurance company will cover the remaining costs.

• Deductible

• Premium

• Copayment

• Claim

Money paid each month to purchase the policy

• Deductible

• Premium

• Copayment

• Claim

Payment to cover liability and damage to your home and its contents

• Homeowner's Insurance

• Term Life Insurance

• Risk Management

• Liability Insurance

The practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk.

• Risk Tolerance

• Risk Management

• Risk Aversion

• Risky Business

A life insurance policy with a set time period. When this time period ends, you may purchase new insurance.

• Whole Life Insurance

• Partial Life Insurance

• Temporary Life Insurance

• Term Life Insurance