Insurance Vocabulary/Knowledge Check

Match the following words with their definitions

• Insurance

• a contract between the individual and the insurance company. It states the terms of the insurance arrangement/agreement

• Policy

• an event which can cause a financial loss like fire, falling trees, lightning, accident, etc

• Policy Holder

• something that increases the likelihood that a particular event will happen

• Risk Factor

• an agreement intended to protect an individual against financial loss.

• Peril

• the person who purchases the policy

Tags

CCSS.L.11-12.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

Match the following

• Coverage

• what is protected and by what amount for specific losses provided under the terms of an insurance policy

• Claim

• the person who receives the money is the insured person dies

• Premium

• a person who relies on someone else financially

• Dependent

• a request from the policy holder for insurance to cover an event

• Beneficiary

• a fee paid to the insurance company for providing the insurance

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Match the following

• Waiting Period

• requires the insured person to pay a fixed percentage of loss after the deductible has been paid

• Limit

• a fixed amount of money that an insured pays for a covered medical service or prescription

• Co-insurance

• the maximum amount an insurance company will pay for a loss

• Copay

• the period of time specified in an insurance policy that must pass before coverage can begin

• Deductible

• the amount that must be paid out of pocket by the policy holder. After the policy holder pays the deductible, the insurance company will pay the rest

What is an event which can cause financial loss?

• Peril

• Risk Factor

• Claim

• Limit

What is something that increases the likelihood that a particular event will happen?

• Peril

• Risk Factor

• Claim

• Limit

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is the fee paid to an insurance company for the privilege of having insurance coverage?

• Claim

• Premium

• Limit

• Coverage

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

When you have a loss, you should file a(n) ________ with your insurance company.

• Peril

• Premium

• Claim

• Waiting Period

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is the contract between you and an insurance company?

• Policyholder

• Beneficiary

• Dependent

• Policy

Tags

CCSS.6.RP.A.3C

What is a maximum amount set by a policy that an insurance company will pay for a loss?

• Benefit

• Deductible

• Limit

• Coinsurance

What is the amount that must be paid on a claim by the insured before any insurance proceeds are distributed?

• Deductible

• Peril

• Claim

• Limit