Insurance Basics: Overview Vocabulary Handout

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Across
  1. 4. anything which may cause a possible loss
  2. 5. failure to take ordinary or reasonable care to prevent accidents from happening
  3. 6. protection for individuals against possible financial losses
  4. 11. carries a chance of either loss or gain; are not insurable
Down
  1. 1. amount of money which an individual or business must pay for an insurance policy for a defined time period
  2. 2. financial institution agreeing to compensate for losses of individuals or businesses resulting from damages, injury, treatment or hardship
  3. 3. portion of a claim the policyholder must pay before the insurance company provides the benefits of the policy
  4. 4. maximum amount an insurance company will pay an individual for a claim which the policy covers
  5. 7. risk in which the only possibility is loss and there is no beneficial result; are purely accidental and unintentional
  6. 8. scope of protection provided under an insurance policy
  7. 9. chance of loss or injury; accident or trouble which no one can predict
  8. 10. anything which increases the likelihood of loss through some peril