Module 6 Review

What is a legal agreements between two parties where each party has some obligation or responsibility to the other?

What specifies the specific protection that the insurer provides to a policy holder?

What is the amount of money that the policy holder will pay before the insurance company will pay on an insured loss?

Everything that a person owns. It may include land, financial accounts, jewelry, or other items.

Involves creating a plan for the distribution of one's possessions after one's death and to provide care for any dependents.

Clauses in an insurance contract that specify losses that are not covered by the policy.

Someone who will carry out the instructions of the will.

Those created by attorneys and which bear the signatures of witnesses who saw you sign the document.

Someone who accepts the responsibility of caring for children in the event of their parents' deaths.

Handwritten wills prepared by individuals.

Insurance is "protection against possible financial loss".

The ____________ agrees to reimburse for certain types of losses in exchange for payments on a policy.

Pays out a specific amount of money when an insured person dies (although situations of suicide and fraud are excluded).

A legal document that details the type of medical care that you wish to receive if you become incapacitated due to a physical or mental illness or an accident.

Typically thought of as a failure to take reasonable actions to prevent injury or damage.