P F Lit Unit 4 Vocabulary & Key Concepts
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25 Terms
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Actuary
Analyzes risk data for premiums.
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Beneficiary
Gets life insurance payout.
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COBRA
Temporary health coverage after job loss.
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Estate
All assets + debts.
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Executor
Carries out your will.
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Fraud
Tricks for money (e.g., scams).
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Insurance
Safeguard against loss—pay premium for coverage.
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Medicaid
Gov't health for low-income.
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Medicare
Gov't health for 65+.
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Risk Pool
Group sharing risk—bigger = cheaper premiums!
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Risk Management
Planning for "what ifs" (e.g., insurance).
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How Insurance Works
Pay premium → File claim → Company pays loss.
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Insurance Types
Home, auto, health, life, property.
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Assets at Risk
Theft, accidents, fraud, death.
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Consumer Protections
BBB, CFPB, shred docs.
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Estate Planning
Wills, beneficiaries—avoid taxes/probate.
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Homeowner Premium Avg
Less than 1% of home value.
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Insurance Seller
Agent.
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Risk Evaluator
Underwriter.
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Payout File
Claim.
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Auto Premium Lower
Good driving record.
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Risk Pool Desc
Group of policyholders sharing risk.
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Fraud Example
Identity theft (stolen wallet/trash/online).
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Protection Orgs
BBB & CFPB.
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Scam Red Flag
Upfront cash demands.
Note 
Flashcards (53)