Insurance Vocabulary

3. A cause of Loss
5. The contract or agreement made between the insurer and the insured.
6. The amount of insurance an employee takes out from a company, whether it be single or family coverage
7. Life insurance that covers you until age 100, or pays you the money when you reach 100
9. Insurance designed to pay for the repair or replacement of the policy owner's car in the event of damage not resulting from an accident
11. A permanent policy under which the cash value of the policy may fluctuate according to the investment performance of a separate account fund.
13. covers you if you hit someone or someone hits you
15. The person named in a life insurance policy as the recipient of the insurance money in the event of the insured person’s death.
18. The insurance company that issues the insurance coverage
20. The policy holder(s) entitled to covered benefits

1. The demand by an individual to recover losses covered under an insurance policy.
2. The amount of money you pay out of pocket if you file a claim.
4. Workers in a company
5. The payment to the insurance company for insurance coverage.
6. Portion the insured pays to doctor, hospital, etc. usually $5-25 per visit.
8. A permanent policy designed to last for life and for which premiums stay level.
10. Certain period of time usually 6 months before group insurance is available to workers.
12. Certain period of time during which an employee can sign up for group insurance without furnishing proof of insurability
14. The rate of return on the accumulation account fluctuates according to investment performance but will not fall below a guaranteed minimum rate of return, such as four percent.
16. People who are employed and work 30 plus hours per week
17. covers medical expenses for you and your passengers
19. Provides protection for a specific period of time and pays a benefit only if you die during the “term.”