Insurance Vocab

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Across
  1. 6. Provides payment to others if a member of the insured household accidentally causes harm to other people or property
  2. 9. When the act of insuring an event increases the likelihood that the event will happen
  3. 10. A person who owns the insurance policy
  4. 12. Cash set aside that can be used to cover the costs of unexpected expenses
  5. 17. Someone who relies on someone else for income and care
  6. 18. A financial product purchased by many people facing a similar risk to protect against the risk of larger losses.
  7. 19. The money paid to an insurance company to purchase a policy
  8. 20. Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
Down
  1. 1. Provides money to pay for health care for illness, injury, or, in some cases, preventive care
  2. 2. Provides payment to replace earnings during times when workers cannot work due to illness or injury
  3. 3. The donation of a product or service in place of cash
  4. 4. Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
  5. 5. Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses
  6. 7. Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
  7. 8. The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
  8. 11. Provides payment to beneficiaries who were named by the insured person
  9. 13. The chance of loss from an event that cannot be entirely controlled
  10. 14. Someone who receives money if the insured person dies
  11. 15. 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
  12. 16. The risks covered and amount of money paid for losses under an insurance policy
  13. 21. A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury