Car Insurance Vocab - 2023

What is an insurance policy?

• a signed insurance contract that provides coverage in the event of a financial loss

• a chance that one takes

• qualified based on regional requirements

• a contract between an insured and their bank

What are things a person can insure?

• cars & trucks

• a house or rental unit

• a vacation

• a cell phone

• all of these

What is a deductible?

•  A written contract between the insured and the insurer. 

• The amount a policy will cost a person.

• The amont you must pay before the insurance company will pay for your damages.

• Exposure to danger, harm, or loss.

What is an insurance premium?

• responsibility for others' losses in an accident you caused

• The cost of insurance coverage

• The amount you have to pay before the insurance will pay a claim.

• A chance that one takes

What is a 'policyholder'?

• A person that holds policies at the insurance company.

• A chance that a person takes

• An insurance company.

• The person or company that purchases an insurance policy.

What is a risk?

• a person who sells insurance

• the cost of insurance coverage

• a chance that one takes

• a child or spouse who is dependent on another's income

What is a type of insurance that pays when you die?

• death benefit ball

• life insurance

• too bad, so sad policy

• home & spouse protection

What is a claim?

• required, compulsory

• the cost of insurance

• a chance that one takes

• a request for payment by an insured person to an insurer to cover losses

What is a beneficiary?

• able or allowed to purchase

• the cost of insurance coverage

• a person that receives money or payment

• a child or spouse dependent on another's income

The person, group, or organization whose life or property is covered by an insurance policy. 

• insured

• premium

• credit union

• insurer