Insurance Vocab Review

Coverage purchased to protect you from the risk of financial loss.

• Insurance

• Risk

• Policy

• Liability

The chance that something you value will be destroyed, damaged or lost, and that you will suffer a financial loss because of that event.

• Insurance

• Risk

• Policy

• Liability

Contract between the insurance company and consumer which outlines the coverage purchased

• Insurance

• Risk

• Policy

• Liability

Legal responsibility for the financial cost of another person’s losses or injuries.

• Insurance

• Risk

• Policy

• Liability

Legal responsibility for the financial cost of another person’s losses or injuries.

• Insurance

• Risk

• Policy

• Liability

The consumer who purchases insurance is called the Policy Holder.

• True

• False

Cost charged by insurance companies to obtain and keep coverage.

• Premium

• Deductible

• Policy

• Liability

What you have to spend out of pocket before your insurance pays.

• Premium

• Deductible

• Policy

• Liability

Coverage that provides protection for your residence, its associated personal property, and liability expenses.

• Homeowners Insurance

• Automobile Insurance

• Renters Insurance

• Health Insurance

A type of insurance that covers the loss of a tenant's personal property as a result of damage or theft

• Homeowners Insurance

• Automobile Insurance

• Renters Insurance

• Health Insurance