Unit 6 Insurance Review | Baamboozle - Baamboozle

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amount of money paid out of pocket by policyholder before the insurance coverage begins

Deductible

someone who receives insurance money if the insured person dies

Beneficiary

payment to cover liability losses and damage/loss of home and its contents

Homeowner's insurance

chance of loss from an event that cannot be entirely controlled

rist

The risks covered and amount of money paid for losses under an insurance policy

Coverage

products or services that add extra value for employees beyond wages

Employee benefits

payment to others if a member of the insured household accidentally causes harm to other people or property

Liability insurance

Payment to replace earnings during times when workers cannot work due to illness or injury

Disability Insurance

Money paid to purchase the policy

Premium

paperwork submitted to insurance organization describing the accident, illness or injury

Claim

Payment for extended care when a person cannot live independently (but doesn’t need to be hospitalized)

Long-term care insurance

someone who relies on someone else for money income and care

Dependent

payment to beneficiaries if an insured person dies

Life insurance

payment to insured person if his/her property is damaged or destroyed by an accident

Property Insurance

payment for damage/loss of property in a rental unit in addition to liability losses

Renter's Insurance

A contract that specifies what risks are covered and how much will be paid for losses

Policy

transfers risk from an individual to an insurance organization

Insurance

unpaid work, such as child care or meal preparation

Household Production

payment for liability and property insurance on a vehicle

Automobile Insurance

the provision of a product or service rather than cash

In-Kind Income

amount of money, after deductible, that is paid jointly by the insured and the insurance company

Co-Insurance