People who pay taxes to federal, state, county or municipal (city/town) governments

Social Security- Retirement

Provides income during retirement

Social Security-Disability

May provide income as well as help to obtain a job

Social Security-Survivors

Provides income for families that have lost a wage earner or children who have lost a parent.

Supplemental Nutrition Assistance Program

Money to purchase nutritious food

Temporary Assistance to Needy Families

Provides money, job training and other support to help achieve self-sufficiency

Unemployment Insurance

Provide income while the person is seeking new employment

Designed for Children, Pregnant women, Parents of eligible children, People with disabilities, & Elderly needing nursing home care. Provide insurance, especially medical care.

Provide health insurance for adults over 65

Earned Income Tax Credit

Designed for Low and moderate income adults who have worked for pay. Its purpose is to provide money to adults who file a tax return.

Provides payments for both liability and property insurance on a vehicle

Someone who receives money if an insured person dies

A formal request to an insurance company asking for a payment when the

policyholder has an accident, illness or injury

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid.

The risks covered and amount of money paid for losses under an insurance policy

The out‐of‐pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss

Someone who relies on someone else for income and care

Provides payment to replace earnings during times when workers cannot work due to illness or injury

Cash set aside that can be used to cover the costs of unexpected expenses

Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages

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

Provides payment to cover liability losses as well as damage and loss of the home

A financial product (called an insurance contract or policy) purchased by many people facing a similar risk to protect against the risk of larger losses

Provides payment to others if a member of the insured household accidently causes harm to other people or property

Provides payment to beneficiaries who were named by the insured person

Provides payment for extended nursing care due to accidents, illness, or old age

When the act of insuring an event increases the likelihood that the event will happen

A contract between the insurance company and the insured that states the exact terms of the policy including what risks are covered and how much will be paid for.

A person who owns the insurance policy

The money paid to an insurance company to purchase a policy

Provides payment to the insured person if his or her property is damaged or.

Provides payment to renters to cover the damage and loss of property in a rental.

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

The benefits of Insurance

Payments received from an insurance policy can far exceed the premiums paid

Sources of Insurance: Individual, Employer, or Government

Individual, Employer, or Government

ConEd Unit 4-Receiving and Insurance Flashcards

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43 questions

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1.

FLASHCARD QUESTION

Front

Community

Back

A group of people working together for a common good

2.

FLASHCARD QUESTION

Front

Family

Back

Related or unrelated individuals sharing various resources (especially time and money) who

3.

FLASHCARD QUESTION

Front

In‐kind income

Back

The provision of a product or service in lieu of money

4.

FLASHCARD QUESTION

Front

Non‐profit organization

Back

An organization that exists to benefit others through human service, conservation, religious, or other charitable purposes

5.

FLASHCARD QUESTION

Front

Social capital

Back

The access a person has to social relationships that can provide resources

6.

FLASHCARD QUESTION

Front

Government

Back

The system of governance that provides structure, protection, and services to people residing in a nation, state, county, or municipality

7.

FLASHCARD QUESTION

Front

Non‐profit

Back

Organizations that exist for human service, conservation, religious, or other charitable purposes

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