Insurance Terms Worksheet

Insurance Matching Worksheet

• This worksheet includes a list of insurance terms to match with their descriptions.

Beneficiary

• A beneficiary is a person named by the policy owner to receive the policy benefits at the death of the insured.

PMI

• PMI (Private Mortgage Insurance) is required if you owe more than 80% of the loan on a home or condo.

Collision Insurance

• Collision insurance covers repairs for damage you cause to your car in an accident with another car or an object, such as a tree.

Avoid the Risk

• Avoiding the risk means refraining from participating in any risky behavior.

Insurance Policy

• An insurance policy is a written contract detailing what an insurance company will cover, how much it will pay, and how much you will pay.

Deductible

• A deductible is the amount of a loss you must pay out of your own pocket before the insurance company will step in and pay the rest.

Underinsured Motorist

• Underinsured motorist coverage applies when the cost of repair from an accident caused by the other driver is greater than their coverage limits.

Renters Insurance

• Renters insurance covers personal property of the tenant(s) and provides liability against theft or loss.

Term Insurance

• Term insurance provides protection for a set period of time, i.e., a 20-year term policy, and is a less expensive form of insurance.

Comprehensive Insurance

• Comprehensive insurance covers fire damage, theft, vandalism, as well as natural disasters; everything that happens except an actual collision.

General Liability

• General liability covers damages you cause to other people's property and bodily injuries you cause to people.

Coverage Limit

• A coverage limit indicates the maximum amount the insurance company will pay if you file a claim.