Insurance Vocabulary

A policy purchased by an individual that protects him from loss.

• risk

• insurance

• beneficiary

• comparison shopping

A person designated to receive money from a life insurance policy when the policy holder dies.

• Insurance

• Insured

• Beneficiary

• Not this one

The chance of injury, damage or economic loss.

• Insurance

• Risk

• Comparison Shopping

• Beneficiary

An individual covered by an insurance policy

• Insured

• Insurance

• Beneficiary

• Risk

The act of checking the prices of insurance polices among several insurance companies.

• insurance

• risk

• beneficiary

• comparison shopping

The amount you may be required to pay out-of-pocket before the insurance company will begin to pay for medical claims.

• Assigned Risk Pool

• Risk

• Beneficiary

• Annual Deductible

The price you pay for insurance coverage annually.

• Premium

• annual deductible

• beneficiary

• insured

The money you have to pay out-of-pocket = (yourself) before the insurance starts to pay.

• deductible

• claim

• premium

• death benefit

The out-of-pocket expenses paid for health-care services each time you visit a doctor.

• assigned risk pool

• premium

• co-pay

• claim

A demand for payment made after a car accident or home damage.

• claim

• co-pay

• deductible

• cash value