The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time

A contract between an insurance company and a buyer that provides a guaranteed income stream in exchange for a series of payments

Protects the insured from financial losses if they are found legally responsible for causing injury or property damage to someone else

Concept of whether a person or entity is eligible for insurance coverage from a specific company

Legally binding change to an insurance policy that adds, modifies, or removes coverage

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

The possibility of losing money or experiencing a financial loss due to various factors related to insurance coverage

A fixed dollar amount that you agree to pay each time you receive medical treatment, such as a doctor's visit or prescription

Type of life insurance that combines elements of term life insurance and a savings account; provides temporary coverage for a set period of time, and pays out to the policyholder or their beneficiaries depending on whether the policyholder survives the term

the process of identifying, assessing, and controlling risks that could impact an insurance company or organization

Person or entity that receives benefits from an insurance policy or financial product

The spreading of financial risk evenly among a large number of contributors to the program

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

Auto insurance that protects you against costs to repair your own vehicle after a crash

A framework that organizes and manages the logic and analytics used to make business decisions with regards to an individuals insurance coverage

A contract in which an individual or entity receives financial protection or reimbursement against losses

Parts of an insurance policy that remove coverage for certain events, property, or types of damage; can vary based on the insurance provider's discretion

Intentional and voluntary act of relinquishing or abandoning a right, privilege, claim, or legal benefit, often in a written statement

Strategy where one party transfers risk to another party. In insurance, this is usually done by purchasing an insurance policy, where the policyholder transfers the risk of potential losses to the insurance company