EB General Insurance Terms Flashcards
Group Insurance
A common type of insurance in which a single contract is issued to a group, usually an employer, and coverage is extended to the employees of that company.
Life Insurance
A type of insurance product that provides a sum of money to one or more named beneficiaries in the event the insured person dies.
Policyholder
An employer, labor union, association, trust fund or other entity responsible for making group policy premium payments to an insurer.
Disability Insurance
A type of insurance product that provides income in the event that the insured person is prevented from working and earning an income due to a illness, injury, or disability.
Premium
The amount of money an individual or business pays for an insurance policy. Failure to pay the premium may result in the cancellation of the policy.