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| Life insurance that is expensive in order to fund a savings plan within it. Also known as Whole Life Insurance, or Universal Life insurance. |
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| A type of life insurance that pays a benefit only when a person dies during the term (a time period) of the policy. Less expensive than Cash Value. |
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| Portion of auto insurance that covers losses due to vehicle damage in an accident. |
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| Portion of auto insurance that pays for damage to your car that is not a result of an accident. |
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| Required auto insurance in most states. The purpose of this coverage is to protect the insured against claims for bodily injury to another person or damage to another person's property. |
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| Personal Injury Protection (PIP) |
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Definition
| Also known as medical coverage insurance, it is auto insurance that pays for medical, hospital, and funeral costs of the insured and his/her family and passengers, regardless of fault |
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Definition
| Auto insurance that pays for your injuries when the other driver is legally liable but unable to pay, or does not have adequate insurance to cover all your medical expenses. |
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Definition
| The individual or group of individuals named to receive the benefit of a life insurance policy |
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Definition
| The things that are protected or "covered" in an insurance policy |
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Definition
| The amount of the loss you pay when you file an insurance claim |
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Definition
| A type of insurance that replaces the income of the insured individual if he/she cannot work due to illness or injury. "Own Occupation or Own Occ" is disability insurance that replaces the income at the level of the job you held before the injury. |
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Term
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Definition
| An agreement in which an individual pays a company to protect him/her from possible loss or damage. The loss may be of property of a financial loss. Insurance is a form of risk management. With insurance you are transferring risk from yourself to the insurance company. |
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Term
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Definition
| The agreement or contract between an individual and an insurance company. |
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Definition
| The cost of an insurance policy |
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Definition
| A type of insurance that covers the cost of planned and unexpected health services |
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Term
| Renter's/ Homeowner's Insurance |
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Definition
| A type of insurance that replaces the insured's personal property (and home, if homeowner's) if damaged due to fire, theft, or vandalism. Does not cover flood or earthquake damage |
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Definition
| Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure. |
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| Specific amount of money that you pay when insurance only covers a portion of costs |
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