Insurance Test Review

Front

A claim is...

Back

a formal request for payment from the insurance company

Front

A deductible is...

Back

the price you pay out of pocket from a claim before the insurance company will

Front

An insurance policy is a _________ the outlines coverage between you and the insurance company

Back

contract

Front

The risks and events that are protected in the policy

Back

Coverage

Front

A financial product purchased to shift the risk

Back

insurance

Front

The ________ is the consumer that is covered by insurance policy.

Back

policyholder

Front

The price you pay for the policy is...

Back

Premium

Front

Type of risk where there is no chance of a financial gain but you can purchase insurance

Back

Pure Risk

Front

Type of risk where you can either lose or gain financially

Back

Speculative Risk

Front

What is the amount David had to pay after wrecking his car called?

Back

Deductible