Types of Insurance

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Across
  1. 3. A 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
  2. 5. Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
  3. 7. Provides payment to others if a member of the insured household accidently causes harm to other people or property
  4. 13. Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
  5. 14. The donation of a product or service in place of cash
  6. 19. Provides payments for both liability and property insurance on a vehicle
  7. 21. The risks covered and amount of money paid for losses under an insurance policy
  8. 22. Provides payment to beneficiaries who were named by the insured person
  9. 23. Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
  10. 25. Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses
Down
  1. 1. Provides payment for extended nursing care due to accidents, illness, or old age
  2. 2. Cash set aside that can be used to cover the costs of unexpected expenses
  3. 4. Provides payment to cover liability losses as well as damage and loss of the home structure and its contents
  4. 6. insurance Provides payment to replace earnings during times when workers cannot work due to illness or injury
  5. 8. Someone who receives money if an insured person dies
  6. 9. Doing something in the home without pay that takes raw materials along with a family member’s skill, experience, knowledge, and household equipment, to produce a useful product or service
  7. 10. The money paid to an insurance company to purchase a policy
  8. 11. Provides money to pay for health care for illness, injury, or, in some cases, preventive care
  9. 12. A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses.
  10. 15. A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
  11. 16. When the act of insuring an event increases the likelihood that the event will happen
  12. 17. A person who owns the insurance policy
  13. 18. The chance of loss from an event that cannot be entirely controlled
  14. 20. Someone who relies on someone else for income and care
  15. 24. The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss