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15 Cards in this Set
- Front
- Back
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Agent
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A representative of one or more companies who sells insurance.
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Broker
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A person who represents insurance buyers, not companies.
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Catastrophic
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Caused by a great and sudden misfortune such as a serious accident or illness.
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Claim
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A formal notice to an insurance company requesting payment of an amount under the terms of a policy.
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Deductible
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The amount of covered charges an individual must pay before the insurance company begins payments. Insurance company can only require individual to pay 50% of the basic health services.
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Depreciation
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The decrease in the value of the property due to use, deterioration, or the passage of time.
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Disability income insurance
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Insurance that provides periodic payments to replace income when an insured person is unable to work as a result of illness, injury, or disease.
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Health insurance
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Insurance to pay for medical losses to individuals.
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Homeowners insurance
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Coverage for your place of residence and its associated financial risks. Insurance to pay for losses of personal or real property and for losses resulting from perils specified in the insurance contract.
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Liability coverage
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Insurance protection that pays for claims or judgments brought against the insured.
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Personal liability
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Responsibility for the damage or loss to someone's property or bodily injury of someone.
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Policy
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The printed legal document stating the terms of the insurance contract that was issued to the policyholder by the company.
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Rider
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An amendment to a policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage. An example of a rider is additional insurance for valuables such as jewelry.
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Subrogation
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The legal process by which an insurance company seeks to recover a claim it has paid from another company or person who is legally liable for it.
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Insurability
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Acceptability to the company of an applicant for insurance.
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