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Budget Unit

Investment

TermDefinition
Premium The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time
Deductible The amount of money you agree to pay towards your losses before your insurance coverage will begin paying
Coverage Limit maximum amount of money an insurance company will pay for a covered claim.
Actual Cash Value total cost of the depreciated value of each item
Replacement Cost total cost of purchasing the items new
Profit The money a business pulls in after accounting for all expenses.
Actuary Person who calculates risk based on loss percentages and determines insurance rates and premiums
Expected Value the sum of the values of a random variable with each value multiplied by its probability of occurrence
Claim A formal request from the customer to an insurance company asking for a payment based on the terms of the insurance policy
Probability The chance of something happening or not happening within a certain number of occurrences
Created by: yelena585
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