Learning the Lines (of Insurance!)

Responsibility to another person for one’s own negligence.

• Policy Owner

• Adjuster

• Liability

• Agent

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

• Deductible

• Quote

• Replacement Cost

• Premium

A person who sells insurance policies.

• Agent

• Policy Owner

• Adjuster

• Term life insurance

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

• Agent

• Policy Owner

• Adjuster

• Deductible

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

• Replacement Cost

• Term life insurance

• Deductible

• Quote

The contract issued by the insurance company to the policyholder.

• Quote

• Term life insurance

• Premium

• Policy

A person who investigates and settles insurance claims.

• Agent

• Policy Owner

• Adjuster

• Policy

The cost associated with replacing property at current market prices.

• Replacement Cost

• Deductible

• Liability

• Premium

Replaces lost income during working years.

• Replacement Cost

• Term life insurance

• Policy

• Liability

The insurance company’s estimate of what they can offer you, and at what cost to your pocketbook.

• Deductible

• Premium

• Quote

• Replacement Cost