EB General Insurance Terms Flashcards

1
Q

Group Insurance

A

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.

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2
Q

Life Insurance

A

A type of insurance product that provides a sum of money to one or more named beneficiaries in the event the insured person dies.

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3
Q

Policyholder

A

An employer, labor union, association, trust fund or other entity responsible for making group policy premium payments to an insurer.

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4
Q

Disability Insurance

A

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.

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5
Q

Premium

A

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.

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