insurance vocab

6. contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for any losses
9. who relies on someone else for income and care
11. to take ordinary or reasonable care to prevent accidents from happening

1. -This covers fire damage to your vehicle, break-ins, vandalism, or theft, as well as natural disasters such as an earthquake, hail, hurricane, or flood. (everything except an actual collision)
2. out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
3. who receives money if an insured person dies
4. financial product purchased by many people facing a similar risk to protect against the risk of larger losses.
5. Insurance -Provides payment to others if a member of the insured household accidently causes harm to other people or property
7. -The risks covered and amount of money paid for losses under an insurance policy
8. person who owns the insurance policy
10. formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury