Insurance Terminology

What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?

• Risk aversion

• Actuarial table

• Death table

• Statistical table

The amount of money you agree to pay towards your losses before your insurance coverage will begin paying

• Premium

• Insurance

• Minimum Liability Limit

• Deductible

An employee of an insurance company who sells insurance policies and provides customer service

• Actuary

• Insurance Agent

• Deductible

• Probability

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

• Deductible

• Comprehensive Coverage

• Claim

• Copay

What does the term 'Grace Period' refer to in the context of insurance policies?

• Time to file a claim after an incident

• Period to renew the policy without penalty

• Time allowed to pay the premium after the due date without losing coverage

• Duration of the insurance policy

A professional who uses math, statistics, and financial theory to analyze and manage risk and uncertainty

• Actuary

• Agent

• Benefits specialist

• Beneficiary

A person who derives advantage from something, especially a trust, will, or life insurance policy.

• Actuary

• Agent

• Trustee

• Beneficiary

The money paid out to help cover a loss.

• Actuary

• Benefits

• Insurer

• Unearned premium

The portion of your policy that accumulates over time and may be available for you to withdraw or borrow against

• Exclusions

• Benefits

• Cash value

• Claim

The amount of protection given by an insurance policy.

• Coverage

• Premium

• Cash value

• Deductible