| A | B |
|---|
| Beneficiary | the person(s) entitled to receive some type of property under the provision of a will. |
| Claim | when a report is filled with an insurance company so that the insured party may be compensated for the damages. |
| Co-Payment | the portion of a medical expense for which the insured of a health plan must pay out of pocket. |
| 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: for example theft, storms, and fire. |
| Deductible | the amount paid out of pocket by a policy holder 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 separated 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. |
| Homeowner's 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 the accident when you are not at fault. |
| Living Will | a legal document that states medical wishes for an individual if he/she become 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 else’s behalf in specified affairs. |
| Premium | a fee paid 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. |
| Renter's 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. |
