Insurance Vocabulary Practice

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Across
  1. 2. The risks covered and amount of money paid for losses under an insurance policy
  2. 3. The amount of money that has to be paid for an insurance policy. You pay this no matter if an incident happens or not
  3. 4. The individual/profession of those who calculate risk for insurance companies to determine premium costs.
  4. 5. A written contract between the insured (person) and the insurer (insurance company)
  5. 7. A financial product purchased by many people facing a similar risk to protect against the risk of larger losses
  6. 8. The $ amount of expenses the insurance company will pay in total.
Down
  1. 1. the out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
  2. 2. Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid (ex. 80%-20%)
  3. 6. A formal request to an insurance company asking for a payment when the policyholder has an accident, illness or injury
  4. 9. Chance of loss from an event that cannot be entirely controlled