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Vocab 1

Personal Fincance

QuestionAnswer
Actuarial Table rates are determined for insurance companies and risks
Actuary a person who computes premium rates, dividends, risks, etc. according to probabilities based on statistical records
Beneficiary a person or group that receives benefits, profits or advantages
Benefits a payment or gift made to help someone
Cash Value the value of a life-insurance policy payable to the insured in cash
Claim a request or demand for payment
Coverage protection provided against risks or a risk, often issued by an insurance company
Deductible the amount for which the insured is liable on each loss, injury, etc., before an insurance company will make payment
Exclusions an item or risk not covered by an insurance policy or other contract
Face Amount the sum paid on the policy's maturity date
Grace period a period of time after a payment becomes due, as of a loan or insurance before subject to penalties or late charges or cancelled
Hazard an unavoidable danger or risk
Insurance agent someone who helps set up you insurance policy
Insured the person, group or organization whose life or property is covered by an insurance policy
Insurer a person or company that contracts to indemnify another in the event of loss or damage; someone that insures
Loss an amount or number lost; financial loss
Peril something that causes or may cause injury, loss or destruction
Probability the possibility that an event will occur
Proof of loss a formal statement made by the insured to the insurer regarding a claim
standard policy an insurance policy prescribed by statute or otherwise adopted generally by all insurers
unearned premium the premium corresponding to the time period remaining on an insurance policy
Created by: Graceg18