Insurance Vocabulary

A fee paid to the insurer to be covered under specific terms.

• Premium

• Insurance

• Deductible

• Policy Holder

• Risk

The uncertainty about a situation’s outcome.

• Premium

• Insurance

• Deductible

• Policy Holder

• Risk

The amount paid out of pocket by the policy holder for the initial portion of a loss before the insurance coverage begins.

• Premium

• Insurance

• Deductible

• Policy Holder

• Risk

Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What type of insurance would be used?

• Automobile

• Life

• Homeowners

• Health

• Disability

John is driving down the road and a deer runs into the road. He misses the deer but instead hits a small tree on the side of the road. What type of insurance would be used?

• Automobile

• Life

• Homeowners

• Health

• Disability

Joey’s father is in a car accident and unfortunately does not make it. His family depends on the father financially. What type of insurance would be used?

• Automobile

• Life

• Homeowners

• Health

• Disability

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

• Conditions Of The Policy

• Insurance Agent

• Insurance Policy

• Deductible

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

• Premium

• Insurance

• Minimum Liability Limit

• Deductible

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

• Actuary

• Insurance Agent

• Deductible

• Probability

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

• Deductible

• Comprehensive Coverage

• Claim

• Copay