INSUR(E)ANC

While Employed
BENEFITS are provided
to both the employer and
employee. These services
exceed solely the wages
BENEFICIAL
received

VOCAB

Policy-

a contract to

specify the risks

HOW IT WORKS!!!!!!!!!!
covered and
In the case of an event
(some sort of accident)
occurs in loss; a CLAIM
can be filed to determine if
said cost is covered by
insurance policy

payment for losses

Once the claim is filed, and the
event is covered; policyholder
Policyholderowner
paysofa the
DEDUCTIBLE
policy

Premium-

Payment
for the purchase of
the policy

The Pool Concept

The contribution
into the
Claima statement
insurance among several
sent to insurance
people shifts the riskcompany
of loss with
description
of the
from the individual onto
the
accident,
illness,
or
company
injury

Types of
Insurance
Deductible- out of
Property
Property

Liability
vs liability

pocket payment by
policyholder
Homeowners
BEFORE
insurance - covers
liability begins
losses, and damage
coverage
inflicted on the home, and

contents
within.
Payment made
Payment
to those
to who
others
areifinsured
member
if of
their
insured
property
household
is damaged
causes
or harm,
destroyed
accidentally,
on accident
to others or their p

Renters- pays for any

damage or loss of property
within a rental unit.

Life

(post mortem

insurance)

paid to

beneficiaries if insured person

dies

Health- covers cost of most

medical bills if insured