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Vocab 1
Personal Fincance
Question | Answer |
---|---|
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 |