Insurance - Review

The possibility of injury or loss

• Premium

• Risk

• Claim

Protection against loss due to injury or property damage

• Deductible

• Claim

• Insurance

The price of insurance for a period of time (ex. 6 months or 1 year)

• Insurer

• Policy

• Premium

The amount you must pay before insurance kicks in

• Deductible

• Risk

• Policy

Putting in a request for insurance coverage to be used

• Claim

• Risk

• Policy

The company giving insurance coverage

• Policyholder

• Insurer

• Claim

The person getting insurance coverage

• Policyholder

• Premium

• Deductible

If you choose to have a higher deductible, what happens to your premium (your cost of insurance)?

• Premium goes up

• Premium goes down

• No change in Premium

A responsibility to pay for a fix a problem

• Deductible

• Premium

• Liability

People buy insurance to

• Protect themselves from risk

• Get a lower deductible

• Raise their credit scores