Basic Insurance Terms

the chance of loss from an event that cannot be entirely controlled

the money paid to an insurance company to purchase a policy

the amount paid out of pocket by the policyholder for the initial portion of a loss before the insurance company

A type of insurance paid to an individual if he/she is injured and is unable to work for a specified length of time.

Provides money to pay for health care for illness injury or, in some cases preventive care

Covers when liable or responsible for an accident where others are injured or killed

provides payment for both vehicle repair or replacement and injury

an insurance contract that states what risks are covered and how much money will be paid for losses

provides payment to cover liability losses as well as damage and loss of the home and its contents

Provides payment to renters to cover the damage and loss of property in rental unit in addition to liability losses

Provides Payment to beneficiaries if an insured person dies

someone who receives insurance money if the insured person dies

money that lasts six months of expenses to cover costs of unexpected events

the risk and the amount of money paid for losses under an insurance policy

person who purchases insurance