Insurance Vocab

Insurance's main purpose is to...

• build wealth

• transfer risk

• manage assets

• help you get a job

The amount you're charged for your insurance policy. You pay this once a month, or maybe once a year to be enrolled in the insurance plan.

• Insurance Premium

• Insurance Deductible

• Insurance Claim

• Coverage Limit

If you make an insurance claim, you often pay this first before insurance helps cover the costs.

• Insurance Deductible

• Insurance Premium

• Insurance Limit

• Insurance Plan

The maximum amount the insurance company will cover in the case of an accident.

• Coverage Limit

• Insurance Premium

• Insurance Deductible

• Insurance Plan

After an accident, the report you make to the insurance company is called an insurance ______

• claim

• premium

• deductible

• limit

All State, State Farm, Geico, and Progressive are all examples of...

• Insurance Companies

• Banks

• Credit Unions

• Stock Brokers

Auto Insurance helps protect you against accidents involving your...

• house

• car

• health

• bank

Life Insurance provides money and financial assistance when...

• you die

• you get sick

• you get hurt

• have a baby

Insurance that provides money after an accident to the house you own is known as...

• Renter's Insurance

• Homeowner's Insurance

• Auto Insurance

• Life Insurance

What type of insurance provides you with income if you get hurt and cannot work?

• Disability Insurance

• Homeowner's Insurance

• Life Insurance

• Health Insurance