Insurance Vocabulary

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. is called _______.

• Insurance

• Loan

• Mortgage

• Investment

Fill in the blank: A contract in which an individual or entity receives financial protection or reimbursement against losses is called _______.

• Insurance Policy

• Loan Agreement

• Lease Contract

• Warranty

Fill in the blank: The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time is called _______.

• Premium

• Deductible

• Copayment

• Coinsurance

Fill in the blank: A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription is called _______.

• Copay

• Deductible

• Premium

• Coinsurance

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

• Insurance Agent

• Insurance Broker

• Claims Adjuster

• Underwriter

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

• Claim

• Policy

• Premium

• Deductible

Fill in the blank: Insurance paid to named beneficiaries when the insured person dies is called _______.

• Life Insurance

• Health Insurance

• Property Insurance

• Travel 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 is called _______.

• Homeowners Insurance

• Car Insurance

• Travel Insurance

• Life Insurance

A form of property insurance, available to renters, that covers losses to their personal property and protects is called _______.

• Renters Insurance

• Homeowners Insurance

• Auto Insurance

• Life Insurance

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.

• A private insurance plan for healthcare coverage.

• A state-run program for unemployment benefits.

• A local community service initiative.