Insurance Vocabulary Review

The cost of the insurance

• Deductible

• Premium

• Claim

This is a cost-sharing amount with the insurance company.

• Copayment

• Coinsurance

Auto insurance that protects you against costs to repair your own vehicle after a crash.

• Collision Coverage

• Comprehensive Coverage

• Liability Coverage

• PIP

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

• Life Insurance

• Disability Insurance

• Health Insurance

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.

• Liability Coverage

• Comprehensive Coverage

• Uninsured/ Underinsured

A situation involving exposure to danger, harm, or loss.

• Risk

• Avoidance

At least six months of expenses set aside to cover costs of unexpected expenses.

• Emergency Funds

• Health Savings Account

• Checking Account

• Social Security

A contract between the insurance company and the insured that states the exact terms of the policy.

• Quote

• Agreement

• Policy

The amount you must pay on a claim before insurance comes into play.

• Premium

• CHIP

• Copayment

• Deductible

Someone who receives money if an insured person dies.

• Beneficiary

• Insurance Agent

• Actuary