Beneficiary - The recipient of assets passed on from the death of a friend or relative, Claim - Paperwork filed with an insurance company in order to get them to cover a loss for someone they insure, Coverage - Applies to the amount of protection you have through an insurance company in the event of a loss, Deductible - Amount you must pay before you begin receiving any benefits from your insurance company, Liability - The state or quality of being obligated according to law or equity, Out-of-pocket Expense - Specific amount of money that you pay when insurance only covers a portion of costs, Policy - Describes the type of coverage in an insurance agreement, Premium - Amount you pay monthly, quarterly, semiannually, or annually to purchase different types of insurance, Will - A legally enforceable declaration of how a person wishes his or her property to be distributed after death, Copayment - an amount of money you pay to help cover a portion of your medical costs, Comprehensive - coverage takes care of damage to your car not caused by a collision, Umbrella policy - gives you additional liability protection above your other policies.,

Unit 9: Insurance Vocabulary

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