Insurance Vocabulary

1. If a person minimizes a risky behavior to reduce liability it would be considered ___________________ risk.
5. a service purchased by a customer to share liability
6. Insurance to cover the cost of illnesses and injuries
10. Government provided health insurance for those over 65
11. The money that insurance companies use to pay claims
12. Insurance to provide partial replacement of income if an individual is not able to work due to injury
13. If a person stops a risky behavior to reduce liability it would be considered __________________ risk.
14. Insurance to cover residence and its contents
16. A request by a policy holder to their insurance for a payout for a qualifying event
17. Money paid to a individual from an insurance company after a claim has been made.

2. Amount of money an individual must pay before the insurance company will begin to pay for expenses.
3. An agreed upon fee paid by an individual for a covered service at the time of the service
4. when two or more entities are responsible for the liability of a situation (ie. a person and insurance company or two people own one company) they __________________ risk
7. Insurance that provides a payout upon policy holders death to beneficiaries to help replace lost income of the deceased
8. An insurance company makes a __________________ when the premiums they collect are greater than the payouts they make.
9. Type of insurance that provides the insured with coverage if damage is caused to another party
15. A monthly payment made to an insurance company for their services