FPU Ch9 Vocabulary

2. the payments an individual makes each time they get their medical service
7. the most a policy holder has to spend for covered services in a year
8. the amount of time after the premium is due in which a policy holder can make a payment without suffering a lapse in coverage
9. protection against claims resulting from personal injury or property damage as the result of an auto accident
12. people who are designated by the policy holder to receive the death benefit of a life insurance policy
13. optional extended liability coverage that can be added to auto and homeowners policies
15. an arrangement in which an individual will receive financial protection or reimbursement of losses from an insurer
16. the contract between an insurance company and the insured individual
17. life insurance that lasts for the life of the policyholder and uses a portion of the premium as an investment
18. a formal request by a policyholder to their insurance company for compensation for a covered loss
20. protection for destroyed or stolen personal property for a renter
21. the amount of money you will pay out of pocket before the insurance company will make a payment

1. benefit paid to beneficiaries after the policy holder dies
3. the amount of money paid for an insurance policy
4. protection for losses to a private residence and the possessions within it, as well as liability coverage against accidents in the home or on the property
5. a person who relies on someone for financial support
6. protection for damage to your car resulting from a collision with another car or object
10. proection for loss or damage to your vehicle caused by something other than a collision
11. life insurance for a specified amount of time; at the death of the policy holder, the insurance company pays the death benefit to beneficiaries
14. coverage for individuals medical expenses from illness or injury
19. the amount of liability protection offered to an individual through an insurance policy