Insurance Vocab

4. Someone who relies on someone else for income and care
7. The money paid to an insurance company to purchase a policy
10. The donation of a product or service in place of cash
11. Provides money to pay for health care for illness, injury, or, in some cases, preventive care
12. The chance of loss from an event that cannot be entirely controlled
14. Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy.
15. When the act of insuring an event increases the likelihood that the event will happen
17. A financial product purchased by many people facing a similar risk to protect against the risk of larger losses.
18. Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages
19. Cash set aside that can be used to cover the costs of unexpected expenses
20. Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

1. The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
2. Someone who receives money if the insured person dies
3. A person who owns the insurance policy
5. A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
6. 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
8. Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses
9. Provides payment to beneficiaries who were named by the insured person
13. Provides payment to others if a member of the insured household accidentally causes harm to other people or property
16. The risks covered and amount of money paid for losses under an insurance policy