Insurance terms

Question 1

insurance

Answer 1

a contractional agreement that protects against loss: from risk protection

Question 2

policy holder

Answer 2

a person or company buying the policy

Question 3

premium

Answer 3

amount a policy holder must pay for insurance coverage

Question 4

risk

Answer 4

the possibility of incurring loss

Question 5

claim

Answer 5

request for payment from an insurer for any loss or damage covered by insurance policy

Question 6

coverage

Answer 6

total amount and type of insurance carried

Question 7

deductible

Answer 7

amount insured must pay before the insurance company pays a claim

Question 8

policy

Answer 8

contrast

Question 9

insured

Answer 9

the person or company this is covered or protected

Question 10

insurer

Answer 10

the party who agrees to supply coverage or protection

Question 11

liability

Answer 11

the risk that one may be sued or held responsible for injury or damage to another

Question 12

adjuster

Answer 12

a person who investigates an insurance claim and recommends a settlement