Succeeding in the World of WorkChapter 22:
Understanding InsuranceChapter Summaries with Key Terms and Academic VocabularySection 22.1 Summary
Insurance protects you against the risk of loss. An insurance policy is a contract between the insured and the insurance company. A policy explains your insurance coverage, or the losses for which the insurance company will pay, and the exclusions, losses that are not covered. Insurance costs include the premium, the amount paid for a policy. The deductible is the portion of a loss you pay for out of pocket. You can hold down your insurance costs by shopping around, looking for discounts, increasing your deductible, limiting your claims, and purchasing only the insurance you need. Section 22.2 Summary
People commonly purchase property, health, and life insurance. Homeowners and renters insurance covers the home, the contents of the home, and liability. Types of automobile insurance include liability, medical payments, collision, comprehensive, and uninsured/underinsured motorist coverage. Fee-for-service health insurance plans allow you to choose your provider, while managed care health plans offer the most comprehensive coverage. Disability insurance pays you when you are unable to work. Common types of life insurance include term life, cash-value, and whole life insurance. Key Terms
insurance
insurance policy
premium
deductible
claim
liability insurance
collision insurance
comprehensive insurance
coinsurance
major medical coverage
term life insurance
face value
cash-value life insurance
whole life insurance
Academic Vocabulary
statistics
supplemental
require  | 
