Insurance Terms

A specified amount of money that the insured must pay before an insurance company will pay a claim

• Deductible

• Coverage

• Premium

• Insurance

The state of being responsible for something, especially by law.

• Insurer

• Liability

• Insured

• Risk Retention

An amount to be paid for an insurance policy.

• Deductible

• Premium

• Claim

• Coverage

The chance of something happening with a certain number of occurrences.

• Deductible

• Probability

• Risk Pooling

• Coverage

A person or company that underwrites an insurance risk; the party in an insurance policy is issued.

• Insurer

• Premium

• Policy

• Deductible

A formal request to an insurance company asking for a payment based on the terms of the insurance policy.

• Claim

• Coverage

• Premium

• Deductible

A practice by which a company provides a guarantee of compensation for specific loss, damage, illness, or death in return for payment of a premium.

• Insurance

• Coverage

• Deductible

• Premium

The total amount and type of insurance carried.

• Insurance

• Deductible

• Premium

• Coverage

An insurance policy is a legally binding contract between an insurance company and the person who buys the policy, commonly called the "policyholder", who also is often the person insured.

• Liability

• Claim

• Premium

• Policy

The person, group, or property for which an insurance policy is issued.

• Insurance

• Insured

• Policy

• Insurer