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PF.4A Insurance

PF Insurance

TermDefinition
Actuarial Table A table of premium rates based on ages and life expectancies (for life insurance)
Beneficiary A person named on an insurance policy to receive the benefits from the policy
Benefits Sums of money to be paid for specific types of losses under the terms of an insurance policy
Claim A policyholder's request for reimbursement for a loss under the terms of an insurance policy
Coverage Protection provided by the terms of an insurance policy
Deductible The specified amount of a loss that the policyholder pays before the insurer is obligated to pay anything; the "out-of-pocket" amount paid when a claim occurs
Insured The person protected against a loss
Insurer Insurance company who provides insurance coverage for a policyholder
Loss An unexpected reduction in value of the insured's property caused by a covered peril; the basis of a valid claim for reimbursement under the terms of an insurance policy
Peril An event whose occurrence can cause a loss; people buy policies for protection against such occurrences (fire, storm, explosion, accident, robbery, etc)
Probability The mathematics of chance; the statistical likelihood that something will happen
Proof of loss The written verification of the amount of a loss that must be provided by the insured to the insurer before a claim can be settled
Insurance A method for spreading individual risk among a large group of people to make losses more affordable for all
Created by: C.Westcott