Question

insurance terminology
1
the person designated to receive the benefits of the policy upon the death of another individual.
2
often included in major medical insurance policies. it covers the costs of intensive care, heart
surgery, or long illness.
3
a formal request made to an insurance company for payment for a loss.
4
will cover the cost of repairing your car if it is damaged in an accident with another vehicle.
5
covers your car if it is damaged by fire, flood, earthquake, hurricane, hail or collision with an
animal. it also covers losses if your car is stolen.
6
protects a person or family from loss of income due to illness or disabling injury. it guarantees
the continuation or a portion of the wage earner’s salary during the time he/she is unable to
work.
7
this is usually less expensive than individual policies. the employer pays a share of the cost and
sometimes all of it.
8
financial protection purchased to compensate for loss.
9
insurance contract.
10
rates are based on risk. risk is the chance of losing something. an insurance company has
greater risk when there is a greater chance of an accident. the greater the risk to an insurance
company, the higher the rated it charges.
rating territories - higher in cities, lower in rural areas.
driver classification - age, sex, marital status, how much you drive, and your driving record are
considered in setting rates.
age and type of car - higher for cars that are more expensive to repair. rates are higher for
sports cars than for sedans.
coverage - the greater the coverage the higher the rate.
11
protects you whether you are driving or someone else is driving your car with your permission.
12
this covers many out - of - hospital costs. it may also extend your basic policy and any additional
days of hospital care.
13
the driver’s own insurance company pays for accident costs no matter who caused the accide
14
life insurance that provides a death benefit plus a savings plan and lasts for the policy holder’
lifetime.
15
the amount of money you pay for your insurance.
16
life insurance that pays a death benefit if the policyholder dies within a specific time period
has no remaining value at the end of this time.
17
a person who carries insufficient insurance to pay for losses he/she is liable for.
18
will cover you and your immediate family against injury by a hit - and - run driver or a driver
has no insurance.

Explanation:

Answer:

Beneficiary
Major medical insurance
Collision insurance
Comprehensive insurance
Disability insurance
Group insurance
Insurance
Policy
Risk
Liability insurance
Major medical insurance
No - fault insurance
Permanent life insurance
Premium
Term life insurance
Underinsured
Uninsured