Insurance Vocabulary

Agent

• Property insurance that covers damage or loss to an individual’s residence, along with furnishings and other assets in the home.

• A person who investigates and settles insurance claims.

• A person who sells insurance policies.

• A person who derives advantage from something, like a trust or life insurance policy.

Premium

• The amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy.

• The cost associated with replacing property at current market prices.

• The insurance company’s estimate of what they can offer you, and at what cost to your pocketbook in the event of an accident or disaster.

• A contract that guarantees the insurance company pays a sum of money to named beneficiaries when the insured policyholder dies.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Liability

• The insurance company’s estimate of what they can offer you, and at what cost to your pocketbook in the event of an accident or disaster.

• The cost associated with replacing property at current market prices.

• The amount the insured must pay for a loss before any payment is due from the company.

• Responsibility to another person for one’s own negligence.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Replacement Cost

• The cost associated with replacing property at current market prices.

• The insurance company’s estimate of what they can offer you, and at what cost to your pocketbook in the event of an accident or disaster.

• A contract that guarantees the insurance company pays a sum of money to named beneficiaries when the insured policyholder dies.

• The contract issued by the insurance company to the policyholder.

Life Insurance

• A contract that guarantees the insurance company pays a sum of money to named beneficiaries when the insured policyholder dies.

• Homeowners insurance can also provide liability coverage against accidents in the home or on the property.

• A person who derives advantage from something, like a trust or life insurance policy.

• The person or party who owns an individual insurance policy. Also called a policyholder.

Adjuster

• A person who derives advantage from something, like a trust or life insurance policy.

• A person who investigates and settles insurance claims.

• A person who sells insurance policies.

• The person or party who owns an individual insurance policy. Also called a policyholder

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Policy

• Provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in the event of a loss.

• The amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy.

• The contract issued by the insurance company to the policyholder.

• A person who derives advantage from something, like a trust or life insurance policy.

Policy Owner

• A person who derives advantage from something, like a trust or life insurance policy.

• The person or party who owns an individual insurance policy. Also called a policyholder.

• A person who investigates and settles insurance claims.

• A person who sells insurance policies.

Deductible

• The amount the insured must pay for a loss before any payment is due from the company.

• The insurance company’s estimate of what they can offer you, and at what cost to your pocketbook in the event of an accident or disaster.

• The cost associated with replacing property at current market prices.

• Responsibility to another person for one’s own negligence.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Homeowner's Insurance

• Property insurance that covers damage or loss to an individual’s residence, along with furnishings and other assets in the home.

• A contract that guarantees the insurance company pays a sum of money to named beneficiaries when the insured policyholder dies.

• Provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in the event of a loss.

• The amount the insured must pay for a loss before any payment is due from the company.