| A | B |
|---|
| beneficiary | the person(s) entitled to receive some type of property under the provision of a will or policy |
| claim | when a report is filed with an insurance company so that the insured party may be compensated for damages |
| collision insurance | insurance to pay for the damage to a vehicle when involved in a collision with another vehicle or object |
| comprehensive insurance | insurance to pay for damage to a vehicle for incidents that do not involve a collision: theft, storms, fire, etc. |
| co-payment | the portion of a medical expense for which the insured of a health plan must pay out of pocket |
| deductible | the amount paid out of pocket by a policyholder when a loss occurs. If the loss is over this amount, the insurance company pays the rest of the loss |
| dependent | a person that is financially supported with regards to filing taxes or obtaining insurance |
| executor | the party who makes sure that willed items or money are distributed in the manner that the deceased desires |
| floater/rider | a small separate insurance policy in addition to another policy which covers some specific or most valued possessions |
| flood insurance | a certain type of insurance that protects a home against damage or destruction caused by a flood |
| guardian | an individual specified by the deceased who takes on responsibility of providing care for the children of the deceased |
| homeowners insurance | insurance that provides protection for a home and the contents in the home |
| insured | a person covered by insurance |
| liability | insurance that pays for the damage of property of others involved in an accident when you are not at fault |
| living will | a legal document that states medical wishes for an individual if he/she becomes incapacitated or unable to make medical decisions |
| medical payments insurance | insurance that pays for the medical bills of the individuals involved in an automobile accident |
| policy | a contract between the insured and the insurer that specifies the terms and arrangements of the insurance |
| power of attorney | the legal right to act on someone's behalf in specified affairs |
| premium | a feepaid to the insurance company to be covered by the insurance policy under the terms in the agreement |
| probate | the legal process by which a will is reviewed by the court system |
| renters insurance | insurance that protects against the loss of contents in the residence,but not the residence itself |
| trust | the legal contract holding property of an individual for the benefit of someone else |
| trustee | an individual or institution appointed to manage property for the benefit of someone |
| uninsured motorist | a driver involved in a vehicle accident who does not have insurance |
| will | a legal document that enforces an individual's wishes regarding how property and guardianship should be distributed after the death of an individual |
