INSURANCE VOCABULARY WILLIAM BLOCHBERGER

INSURANCE VOCABULARY WILLIAM BLOCHBERGER

CLAIM A demand or request for something considered one's due

LIABILITY The state of being responsible for something, especially by law

COVERAGE The amount of protection given by an insurance policy

POLICY A course or principle of action adopted or proposed by a government, party, business, or individual

DEDUCTIBLE A specified amount of money that the insured must pay before an insurance company will pay a claim

POLICYHOLDER A person or group in whose name an insurance policy is held

INSURED A person or organization covered by insurance

PREMIUM A sum added to an ordinary price or charge

INSURER A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation

PROBABILITY Making a conclusion based upon deductive reasoning rather than research or calculation

INSURANCE A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

RISK Expose (someone or something valued) to danger, harm, or loss