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Insurance Unit
| Term | Definition |
|---|---|
| Claim | A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy |
| Comprehensive | An insurance policy that provides complete protection |
| coverage | The risks covered and amount of money paid for the loss |
| deductible | The deductible is the amount you must pay before the insurance company will pay. |
| insurance | A financial product (called an insurance contract or policy) that you buy from an insurance company or organization |
| insurance agent | Licensed representative who handles the purchase of insurance between the customer and the insurance company |
| loss | Death, injury, or damage that is the basis for a claim |
| policy | A contract of insurance |
| policholder | The person to whom an insurance policy is issued |
| premium | A payment made monthly, twice a year, or yearly, for an insurance policy |
| property insurance | Three types: auto, home, and renters |
| risk | Chance or possibility of injury, damage, or loss |
Created by:
user-1976162