INSURANCE TERMS

4. Insurance that provides payment to others if a member of the insured household accidently causes harm to other people or property
7. Insurance that provides money to pay for health care for illness, injury, or, in some cases, preventive care
8. Someone who receives money if an insured person dies
10. The chance of loss from an event that cannot be entirely controlled
11. it knows the other party bears the economic consequences.
12. The donation of a product or service in place of cash
15. 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
17. or organization
18. The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
20. The risks covered and amount of money paid for losses under an insurance policy
21. Insurance that provides payments for both liability and property insurance on a vehicle
22. Insurance that covers damage or loss of the structure and contents, plus liability in case others are injured on the property
24. Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
25. A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
27. Situation where one party engages in risky behavior or fails to act in good faith

1. that provides payment for extended nursing care due to accidents, illness, or old age
2. A financial product that transfers risk from an individual to an insurance
3. A person who owns the insurance policy
5. A person who relies on someone else for financial support
6. Provides payment to beneficiaries who were named by the insured person
9. The money paid to an insurance company to purchase a policy
13. Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
14. Insurancethat provides payment to replace earnings during times when workers cannot work due to illness or injury
16. An optional (but important) purchase that covers damage and or loss of personal property and liability in a rental home
19. that provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy
23. Cash set aside that can be used to cover the costs of unexpected expenses
26. 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