| A | B |
|---|
| In-kind Income | The donation of a product or service in place of cash |
| Insurance | A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses. |
| Liability Insurance | Provides payment to others if a member of the insured household accidently causes harm to other people or property |
| Life Insurance | Provides payment to beneficiaries who were named by the insured person |
| Long Term Care Insurance | Provides payment for extended nursing care due to accidents, illness, or old age |
| Moral Hazard | When the act of insuring an event increases the likelihood that the event will happen |
| Policy | 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 |
| Policy Holder | A person who owns the insurance policy |
| Premium | The money paid to an insurance company to purchase a policy |
| Property Insurance | Provides payment to the insured person if his or her property is damaged or destroyed by an accident covered by the insurance policy. |
| Renter's Insurance | Provides payment to renters to cover the damage and loss of property in a rental unit in addition to liability losses |
| Risk | The chance of loss from an event that cannot be entirely controlled |
