A person who compiles and analyzes statistics to calculate risk and determine insurance rates and premiums

Children's Health Insurance Program. A program that provides low-cost health coverage to children in families who earn too much money to qualify for Medicaid

A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy

A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription

What is Coverage Limit

The maximum amount an insurance company will pay if you file a claim

What is Declaration Page

The page of a car insurance policy which includes a summary description of the insurance coverage provided and gives the maximum dollar limit the insurer will pay for a claim under each coverage

The amount of money you agree to pay towards your losses before your insurance coverage will begin paying

What is Disability Insurance

A type of insurance paid to an individual if they are injured and unable to work for a specified length of time

What is Extended Warranty

An additional form of protection that can be purchased to extend/enhance a manufacturer's warranty on consumer goods, like phones and electronics

What is Federal Deposit Insurance Corporation (FDIC)

The U.S. corporation insuring deposits in US banks against bank failure

Flexible Spending Account. An account set up through an employer to cover health costs with pretax dollars that has very little or no rollover from year to year.

Health maintenance organization. A health insurance plan in which patients receive health care from designated providers.

What is Homeowners Insurance

A form of property insurance, available to property owners, that covers losses to the physical structure as well as to their personal property and protects the insured person from liability claims

Health savings account. An account where you contribute pre-tax dollars for expected medical expenses

An agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified injury, illness, loss, etc.

What is an Insurance Agent

An employee of an insurance company who sells insurance policies and provides customer service

What is Insurance Fraud

An act on the part of either the buyer or seller of an insurance contract in an attempt to gain money illegally

What is Insurance Policy

A contract in which an individual or entity receives financial protection or reimbursement against losses

What is an Insuring Agreement

The main part of a car insurance policy, which clearly spells out every point of what coverage you receive for the premium you're paying

What is Liability Coverage

Auto insurance that protects you against medical costs for the bodily injury of others and damages to the property of others if you are at fault in an accident

What is Life Insurance

Insurance paid to named beneficiaries when the insured person dies

When someone with insurance endures a negative outcome, such as injury or theft, and expects payment from the insurance company to compensate them

A federal and state assistance program that pays for health care services for people who cannot afford them

What is Minimum Liability Limit

The lowest amount of auto insurance coverage one can have to be legally allowed to drive in each state

What is Out of Pocket Maximum

The maximum amount of money you will have to spend on health care in a year, after which the insurance company agrees to cover all costs

What is Personal Injury Protection (PIP)

Auto insurance that protects you against cost of your own medical bills if you are involved in a car accident

Preferred provider organization. A health insurance plan in which providers agree to deliver services for discount fees; patients can go to any provider, but using nonparticipating providers results in higher costs to the patient.

The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time

The chance of something happening or not happening within a certain number of occurrences

An estimate of what premium you would pay for a certain insurance coverage plan

What is Renters Insurance

A form of property insurance, available to renters, that covers losses to their personal property and protects the insured person from liability claims

A situation involving exposure to danger, harm, or loss

The spreading of financial risk evenly among a large number of contributors to the program

What is Social Security

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

What is an Underwriter

An employee of an insurance company who evaluates an individual's risk factors and assigns premium amounts

What is Uninsured/Underinsured Coverage

Auto insurance that protects you against another driver not having enough coverage to pay the entirety of your losses

Insurance Vocabulary Quiz

Authored by Isaiah Chavez

Financial Education

12th Grade

Used 1+ times

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What is a Actuary

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What is Catastrophic Health Insurance

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What is a chip

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What is a claim

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What is Collision Coverage

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What is Comprehensive Coverage

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What are the Conditions of the Policy

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