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PF.4A Insurance
PF Insurance
| Term | Definition |
|---|---|
| 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
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