Insurance Vocabulary Worksheet

Press Print worksheet to match twelve insurance terms, from premium and deductible to copay, to their meanings.

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NameDateMade at homeroomtools.comDraw a line from each one on the left to its partner on the right.Insurance vocabularyinsurancepremiumdeductibleclaimcoveragepolicycopayinsurerpolicyholderbeneficiaryriskbenefita payment that the agreemententitles someone tothe danger that a loss or injurymight occurthe person named to receive themoney paid outthe company that agrees to pay ifa loss occursthe customer's own share, paidbefore any payoutthe customer who bought thecontract and owns itwhich losses are protected, andup to what amountthe written contract that sets outthe agreementa formal request for the moneyowed after a lossa set fee the patient hands overat each visitthe regular payment that keeps aperson covereda paid promise to cover the cost ifa loss happens
NameDateMade at homeroomtools.comDraw a line from each one on the left to its partner on the right.Insurance vocabularyAnswer keyinsurancepremiumdeductibleclaimcoveragepolicycopayinsurerpolicyholderbeneficiaryriskbenefita payment that the agreemententitles someone tothe danger that a loss or injurymight occurthe person named to receive themoney paid outthe company that agrees to pay ifa loss occursthe customer's own share, paidbefore any payoutthe customer who bought thecontract and owns itwhich losses are protected, andup to what amountthe written contract that sets outthe agreementa formal request for the moneyowed after a lossa set fee the patient hands overat each visitthe regular payment that keeps aperson covereda paid promise to cover the cost ifa loss happens
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All 36 terms

Key insurance words 12

  • beneficiary The person named to receive the money paid out. "He named his daughter as beneficiary."
  • benefit A payment that the agreement entitles someone to. "The benefit arrived three weeks after the fire."
  • claim A formal request for the money owed after a loss. "He filed a claim the day after the storm."
  • copay A set fee the patient hands over at each visit. "The copay for an office visit was $20."
  • coverage Which losses are protected, and up to what amount. "Her coverage ends at $10,000."
  • deductible The customer's own share, paid before any payout. "With a $500 deductible, a $2,000 repair costs her $500."
  • insurance A paid promise to cover the cost if a loss happens. "The shop bought insurance before it opened."
  • insurer The company that agrees to pay if a loss occurs. "The insurer sent someone to look at the roof."
  • policy The written contract that sets out the agreement. "She keeps the policy in a folder with the car's papers."
  • policyholder The customer who bought the contract and owns it. "As the policyholder, Dana signs the renewal form."
  • premium The regular payment that keeps a person covered. "Their premium is due on the first of the month."
  • risk The danger that a loss or injury might occur. "The insurer asked about the risk of flooding."
Show all 36 terms (24 more)

Kinds of insurance 12

  • car insurance Pays when a vehicle is damaged, stolen or crashed. "He showed proof of car insurance at the counter."
  • dental insurance Helps pay for the care of teeth. "Dental insurance covered her two cleanings."
  • disability insurance Replaces income when illness or injury stops work. "Disability insurance sent a check each month he was in a cast."
  • flood insurance Pays for property damaged by rising water. "After the river rose, flood insurance paid for the floors."
  • health insurance Helps pay doctor, hospital and medicine bills. "Her job comes with health insurance."
  • home insurance Protects a house and what its owner keeps inside. "Home insurance paid for the new roof."
  • liability insurance Pays when you are to blame for harm to others. "The bakery carries liability insurance."
  • life insurance Pays money to a named person after a death. "The life insurance named his wife."
  • pet insurance Helps pay a vet's bills for a sick or hurt animal. "Pet insurance paid most of the cat's surgery."
  • renters insurance Protects a tenant's belongings, not the building. "Renters insurance replaced her stolen bike."
  • travel insurance Pays for losses on a trip, such as lost luggage. "Travel insurance covered the canceled flight."
  • unemployment insurance Pays workers for a time after they lose a job. "She applied for unemployment insurance when the plant closed."

Policies and claims 12

  • adjuster The worker who studies the damage and sets the payout. "The adjuster photographed every dent."
  • agent A seller who acts for one or more companies. "The agent explained two plans."
  • broker A go-between who shops around for the buyer. "A broker found them a lower price."
  • exclusion Something the contract says it will not protect. "Earthquakes were listed as an exclusion."
  • lapse To stop being in force because it was not kept up. "Two missed payments let the policy lapse."
  • liability Being answerable by law for harm done to others. "The driver accepted liability for the dent."
  • loss The harm or damage that a payment makes up for. "The stolen laptop was a loss of $900."
  • quote A price named before anything is signed. "She asked three companies for a quote."
  • reimburse To pay a person back for money already spent. "The company will reimburse him for the tow truck."
  • renew To extend an agreement for another term. "They renew the policy every June."
  • settlement The agreed final payment that ends the matter. "They accepted a settlement of $3,000."
  • underwriter The worker who decides whether to take on a risk. "An underwriter asked how old the wiring was."

How this list was compiled: Term list chosen for this site on 2026-10-12. Each meaning is written in our own words and was checked that day in two references: the entry for the term in Wiktionary, the free dictionary (https://en.wiktionary.org/), whose text is under the Creative Commons Attribution-ShareAlike license, and the entry in the Cambridge Dictionary (https://dictionary.cambridge.org/us/). Agent was read in Wiktionary under insurance agent. Where a dictionary has no entry or no sense of insurance, the reference is an article of English Wikipedia (https://en.wikipedia.org/), whose text is under the Creative Commons Attribution-ShareAlike license: Renters' insurance, Dental insurance, Pet insurance and Flood insurance for the terms they are named after; Insurance broker for agent and broker; Insurance for adjuster, loss and settlement. The answers under the list rest on the articles Insurance policy, Deductible, Co-insurance, Insurance broker and Beneficiary. The sentence in quotation marks after each meaning is our own, and every sum in one is made up. Licence: own work

How it works

This insurance vocabulary worksheet prints twelve terms down the left and their meanings, mixed up, down the right. It opens on key words such as premium and deductible. Two more sets cover kinds of insurance and making a claim.

Read the full guide

Key insurance words and twelve kinds of insurance

Set opens on Key insurance words: insurance, premium, deductible, claim, coverage, policy, copay, insurer, policyholder, beneficiary, risk and benefit. Kinds of insurance prints health, life, car, home, renters, travel, pet, liability, disability, flood, dental and unemployment insurance.

The words of a claim

Policies and claims has agent, broker, adjuster, underwriter, quote, exclusion, liability, loss, settlement, reimburse, lapse and renew. Under the tool each term has a sentence with made-up people and sums, such as "With a $500 deductible, a $2,000 repair costs her $500."

  • The sheet gives the meanings of terms only. It does not say which insurance anyone should buy.

Questions and answers

What is the difference between a premium and a deductible?

The premium is the payment made to the insurer in exchange for the policy. The deductible is what the policyholder pays out of pocket toward a loss before the insurer pays. British English calls the deductible the excess.

What is the difference between a copay and coinsurance?

In health insurance a copay is a fixed amount. Coinsurance is a percentage of the cost, which the insured person pays once the deductible has been passed.

What is the difference between an insurance agent and a broker?

An agent works for one or more particular insurers under a contract with them. A broker works for the buyer and usually deals with several insurers to find a policy.

What is a beneficiary in insurance?

The person, or other legal entity, who receives the money. With life insurance, the beneficiary is the one who is paid after the death of the insured person.

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