Insurance Basics Terms

3. Someone who relies on someone else for income and care
7. payment for liability and property insurance on a vehicle
9. A person who owns a policy
10. A contract that states the exact terms of the insurance policy including the risks covered.
13. payment for damage/loss of property in a rental unit in addition to liability losses
14. A formal request to an insurance company when there is an accident, illness, or injury
15. Someone who receives money if an insured person dies

1. A financial product purchased by people with a similar risk to protect against the risk of loss
2. The money paid to an insurance company to purchase a policy.
3. The out of pocket money paid before an insurance company will cover the remaining loss.
4. payment to OTHERS if a member of the insured household accidentally causes harm to other people or property
5. The type of insurance that provides financial support if someone dies. Payment is made to beneficiaries who were named by the insured person
6. Provides money to pay for health care
8. payment to cover liability losses and damage/loss of home structure and its contents
11. The risks covered and the amounts paid for losses under a policy
12. The chance of loss.