Insurance
Insurance exchanges the uncertainty of possible large financial loss for a certain smaller payment.
Premium
The amount the policyholder must pay for insurance coverage is the premium.
Deductible
Amount you must pay before you begin receiving any benefits from your insurance company
Beneficiary
one who benefits from something; a person who is left money or other property in a will or the like
Depreciation
A decrease or loss in value
Co payment
A fixed amount ($20, for example) you pay for a covered health care service after you've paid your deductible.
Coinsurance
a provision under which both the insured and the insurer share the covered losses
Hospital Insurance
insurance that usually pays most or all hospital charges if an illness or injury requires the insured to be hospitalized
Risk
Risk is the possibility of incurring a loss.
Economic risk
Economic risk is a risk that can result in financial loss.
Personal risk
A personal risk can result in personal losses such as health and personal well being.
Property risk
A property risk can lead to loss of personal or business property including money, vehicles, and buildings.
Liability risk
A liability risk relates to harm or injury to other people or their property because of your actions.
Pure risk
A risk that presents the chance of loss but no opportunity for gain is a pure risk.
Controllable risk
A risk that you can reduce or eliminate by actions you take is a controllable risk.
Insurers
The company, called the insurer, agrees to take on certain economic risks and to pay for the losses if they occur.
Insured
The person or business for which the insurer assumes the risk is the insured.
Policyholder
The person or company buying the policy is the policyholder.
Insurance policy
An insurance policyholder states the conditions to which the insurance company and the policyholder have agreed.
Claim
A claim is a policyholder's request for payment for a loss that the insuance policy covers.