| A | B |
|---|
| insurance | managing or dealing with risk |
| law of large numbers | large number of people pay a fee to cover the loss of some individuals |
| insurable risk | financial loss due to the circumstance |
| policy | formal written agreement; legal contract |
| insurer | insurance company |
| insured | customer; policyholder |
| premium | money you pay the insurance co for your policy |
| claim | request for payment to cover financial loss |
| deductible | amount the policyholder must pay before the insurance co pays anything |
| beneficiary | person(s) receive money when die |
| death benefit | amount receive when die |
| HMO | prepaid plan with set fees for full coverage of services by selected doctors |
| Major Medical - Health Ins | all medical expenses outside coverage limits above hospital or surgery costs |
| Replacement Cost - Home Ins | cost to rebuild home with similar value at current prices |
| Renter Insurance | coverage for items inside an apartment |
| Homeowner Insurance | coverage for most types of loss or liability caused by owning a home |
| Term Life Insurance | policy only through specified time period |
| Cash Value Life Insurance | policy that earns dividends |
| Collision - Auto Insurance | coverage for damage during an accident to policyholder's vehicle |
| Property Damage Liability - Auto Ins | coverage for damage to another person’s property |
| Uninsured Motorist - Auto Ins | coverage for accidents caused by people who don’t have insurance |
| Bodily Injury - Auto Ins | coverage for injury or death to person(s) not in policyholders car |
| Comprehensive Damage - Auto Ins | coverage for storms, floods, falling objects, etc. |
| Health Insurance | usually split insurance cost with employer |
