A contract between a policyholder and a provider that will protect and reimburse for damages that are covered under the policy
Unit 5 Financial Planning Vocab

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•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Insurance
2.
FLASHCARD QUESTION
Front
The amount of money you pay each month to keep your insurance policy active
Back
Premium
3.
FLASHCARD QUESTION
Front
A formal request to an insurance company to pay for damages covered under an insurance policy
Back
Claim
4.
FLASHCARD QUESTION
Front
The amount of money you are responsible for paying before insurance covers the rest of the covered damages
Back
Deductible
5.
FLASHCARD QUESTION
Front
For health insurance, the amount of money you must pay to see a doctor or purchase a prescription
Back
Co-Pay
6.
FLASHCARD QUESTION
Front
A person that will receive access to funds or benefits from an insurance policy upon the death of the account/policy holder
Back
Beneficiary
7.
FLASHCARD QUESTION
Front
Purchasing assets with the hopes of selling them in the future for a profit
Back
Investment
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