Insurance and risk Flashcards
Insurance
A contractual agreement that protects against loss; form of risk protection.
Privacy Holder
Person or company buying the policy.
Premium
Amount a policy holder must pay for insurance coverage.
Risk
The possibility of incurring a loss.
Claim
Request for payment from an insurer for any loss or damages covered by the insurance policy.
Coverage
Total amount of insurance carried.
Deductible
Amount the insured must pay before the insurance company pays a claim.
Policy
Contract between an insurance company and policy holder that explains the amounts and types of coverage.
Insured
The person or company who is protected/covered.
Insurer
The party who agrees to supply coverage/protection.
Liability
The risk that one may be sued or held responsible for injury or damage to another.
Adjuster
Person who investigates an insurance claim and recommends a settlement.
Fidelity Bond
(like an insurance) is used to cover a company in the case of employee theft.
Beneficiary
Person who receives the benefits from another’s life insurance policy.
Indemnify
To compensate someone for harm or loss (put one back in the position they were prior to harm or loss.)
