Unit 6 Vocab

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Across
  1. 3. Preferred Provider Organization
  2. 8. A level of insurance that covers the damage or loss of a vehicle due to fire, theft, vandalism, hail, and other causes
  3. 9. A warranty that imposes certain limitations as to what the warranty will cover
  4. 11. Insurance plan that pays their share of covered medical services after treatment is provided, once the policy holder has paid the deductible and any co-pays
  5. 14. The person named in the policy to receive the benefits in the event of death
  6. 15. Also called co-pay; a set amount an insurance policy holder pays to access medical treatment
  7. 16. The cost of replacing an asset using the present value of the asset to determine reimbursement
  8. 17. Additional insurance that modifies an existing insurance policy to extend its coverage
  9. 19. An implied warranty when a consumer relies upon the seller to select a product to meet a specific need of the consumer
  10. 21. A whole or permanent life insurance plan that takes part of the premium and invests it into a tax-free account
  11. 22. Ensures that if a policy holder causes injury to another, the injury caused will be covered
  12. 23. Insurance that protects the policy holder’s belongings from natural disaster, vandalism, theft, smoke, etc.
  13. 25. An insurance policy that protects the value of the insurer’s property and earnings beyond the standard limits set by their primary policies
  14. 26. Life insurance that insures you for your whole life and is often called permanent or straight life insurance
  15. 27. A level of insurance that covers any damage caused to other people’s property, including their vehicle
  16. 28. An agreement between the consumer and the manufacturer/seller such that all labor associated with a defect of an item is covered by the contract
  17. 29. A warranty that provides consumers the legal assumption that the product purchased performs as state by the seller
Down
  1. 1. A warranty that guarantees the item purchased for either an amount of time equal to that of the owner of the item or for the duration of time the item remains in circulation
  2. 2. A written warranty that clearly expresses the terms and conditions covered by the warranty
  3. 3. The amount an individual can be expected to pay for an insurance policy
  4. 4. The state of being legally obligated or responsible
  5. 5. A warranty that prolongs the time in which the seller or manufacturer is responsible for any liability, as stated in the terms and conditions, of the item purchased
  6. 6. Insurance that protects against damage to the car or injury to persons in the car caused by a driver who is either under insured or not insured
  7. 7. Health Maintenance Organization
  8. 10. A warranty that covers, in full, the labor, parts, and other costs associated with the repair or replacement of a faulty item
  9. 12. Composed of medical professionals whose aim is to reduce the cost of medical treatment while providing a high level of health care
  10. 13. An implied warranty that ensures the item purchased functions as stated by the seller and meets the demands of an ordinary consumer
  11. 18. A level of insurance that covers the policy holder’s personal vehicle
  12. 20. Life insurance that offers protection for a fixed amount of time, usually 1, 5 or 10 years
  13. 24. The amount an insurance policy holder must pay to receive the benefits of the policy