Underwriter
Another name for insurance
Insured
The individual protected by insurance coverage
Policy
A contract between an insurance company and the insured that provides protection from the risk in exchange of a premium
Premium
The money paid to the underwriter for insurance coverage
Deductible
The amount the insurance pays on a claim before the insurer pays the remaining balance
Claim
A formal request by the policy holder to have the insurance company make payment for a loss
Estimate
Ballpark cost to repair or replace a covered item
Claims adjuster
Person who reviews claim evidence to determine if a claim will be paid-and how much bases on policy details
Insurance settlement
Payment by insurance company
Insurance fraud
Lying to get coverage over something that isn't covered
Umbrella policy
Multiple insurance policies from the same company
Comprehensive
Covers everything except collision
Collision
Covers when vehicle is moving
Deductible relationship to premium
Higher deductible lower premium