Module 6 vocab pf

• Accept Risk


  You agree to take on the risk of potentially or actually losing something
• Share Risk


  Split the financial resources with someone else to replace or repair to cover the costs
• Insurance


  Reimburses you for unexpected losses or damages caused by a specific set of hazards to a specific thing
• Deductible


  You share in the financial burden by paying a relatively small fraction of the loss before an insurance company pays a dime
• Coverage Limit


  The maximum amount the insurer will pay for losses as described in the policy.
• Appraisal


  A professional opinion on the value of your property.
• Claim


  A formal request from the policyholder to have the insurance company make a payment for loss.
• Property Insurance


  Replaces your personal assets when they're stolen and sometimes when they're destroyed.
• Homeowners' Insurance


  Covers your possessions inside the house, as well as damage to the house itself.
• Replacement Cost


  Amount to replace by purchasing a new item or rebuild.
• Liability Insurance


  Comes into play when you unintentionally hurt someone or damage another person's property.
• Workers' Compensation


  Combines disability and health insurance for

  employees who get injured on the job. It'll cover injury-related medical bills and part of your income while you're recuperating.
• Co-pays


  Mean you pay a set dollar amount upfront for a health care service,
• Out-of-pocket Expenses


  For insurance purposes, everything you pay for medical care aside from the insurance premium
• Out-of-pocket Maximum


  The cap for out-of-pocket expenses for the year.