Module 2.5 Vocab

executor

• the person responsible for carrying out the actions of a will

• monthly sum of money paid for an insurance policy whether the policy is used or not

• financial protection from life events that could be devastating financially for a person without coverage

• all of the financial assets and debts that a person has at the end of their life

estate

• all of the financial assets and debts that a person has at the end of their life

• filed after an event that requires an insurance policy to go into effect

• financial protection from life events that could be devastating financially for a person without coverage

• person who will benefit financially from an insurance policy payout

  
  

beneficiary

• the amount of money an individual must pay when using an insurance policy before the company will pay its portion

• the person responsible for carrying out the actions of a will

• monthly sum of money paid for an insurance policy whether the policy is used or not

• person who will benefit financially from an insurance policy payout

premium

• legal document that determines what happens with a person’s assets when they die

• monthly sum of money paid for an insurance policy whether the policy is used or not

• filed after an event that requires an insurance policy to go into effect

The _________ is the amount of money an individual must pay when using an insurance policy before the company will pay its portion

• deductible
• estate

• insurance

• claim

Insurance is financial protection from life events that could be devastating financially for a person without coverage

• True

• False

Will

• legal document that determines what happens with a person’s assets when they die

• financial protection from life events that could be devastating financially for a person without coverage

• monthly sum of money paid for an insurance policy whether the policy is used or not

• How much money a person takes home after taxes

A claim is alegal document that determines what happens with a person’s assets when they die

• True

• False