Insurance Terminology and Concepts

The video tutorial explains the fundamental concepts of insurance, including the nature of insurance as a contract, the roles of the insurer and insured, and the legal framework governing insurance policies. It covers financial obligations like premiums, deductibles, co-pays, and coinsurance. The structure of insurance policies, including declarations and endorsements, is discussed, along with the process of making claims and the concept of subrogation. The video also addresses how policies are interpreted and the conditions under which they can be terminated.

What is the essence of an insurance contract?

What is a contingency in the context of insurance?

What is the role of the underwriter in an insurance policy?

What is a deductible and how does it function in an insurance policy?

What are declarations in an insurance policy?

Explain the concept of subrogation in insurance.

How are ambiguous terms in an insurance policy interpreted?