Insurance Basics

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Across
  1. 4. The amount of money YOU pay out-of-pocket before an insurance company starts to pay
  2. 5. A process where the risk of an applicant is assessed by an insurance company to decide if they should offer coverage and at what price.
  3. 8. The individual or business who owns an insurance policy and is responsible for managing it by paying premiums and making changes
  4. 9. A formal request to an insurance company for payment after a covered loss
Down
  1. 1. The amount of money you pay to an insurance company to keep your policy active
  2. 2. The use of math and statistics to address financial risk
  3. 3. Deceiving an insurance company to get financial benefits (ex. making false claims)
  4. 6. A provision in policy that specifically states certain causes of loss, risks, or types of damage that are not covered.
  5. 7. The maximum amount an insurance company will pay for a covered claim. If a claim exceeds the policy's limit, the policyholder is responsible for the remaining costs