Insurance Vocabulary By: Amanda Cowell. Claim Definition: An assertion of the truth of something, typically on that is disputed or in doubt.

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Presentation transcript:

Insurance Vocabulary By: Amanda Cowell

Claim Definition: An assertion of the truth of something, typically on that is disputed or in doubt.

Liability Definition: The state of being responsible for something, especially by law.

Coverage Definition: The amount of protection given by an insurance policy.

Policy Definition: A course or principle of action adopted or proposed by a government, party, business, or individual.

Deductible Definition: A specified amount of money that the insured must pay before an insurance company will pay a claim.

Policyholder Definition: A person or group in whose name an insurance policy is held.

Insured Definition: Covered by insurance.

Premium Definition: An amount to be paid for an insurance policy.

Insurer Definition: A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation.

Probability Definition: the extent to which something is probable; the likelihood of something happening or being the case.

Insurance Definition: A practice an arrangement by which a company or government agency provides a guarantee of compensation for specific loss, damage, illness, or death in return for payment of a premium.

Risk Definition: A situation involving exposure to danger.