Insurance Fundamentals: Coverage Limits, Risk Pooling, and Policy Components Explained

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Business - Insurance

georgepetenjk Created by 10 mon ago

Cards in this deck(17)

What term describes the amount of protection you have through an insurance company in the event of a loss?

What is the term for the maximum dollar amount the insurance company will reimburse you for a covered loss?

What is the process of spreading financial risk evenly among a large number of contributors to an insurance program called?

What term describes a situation involving exposure to danger, harm, or loss?

What is an estimate of the premium you would pay for a certain insurance coverage plan called?

What term describes the chance of something happening or not happening within a certain number of occurrences?

What is the specified amount a policyholder must pay monthly, quarterly, semiannually, or annually to purchase different types of insurance?

What is the term for a person who buys an insurance plan and is considered the insured?

What is the lowest amount of coverage one can have to be legally allowed to drive in each state?

What term describes when someone with insurance endures a negative outcome, such as injury or theft, and expects payment from the insurance company?

What is the term for the act of paying someone for a service or loss?

What is a written contract between the insured and an insurance company that promises to pay for all or part of a loss?

Who represents the insurance company and sells insurance policies to individuals and businesses?

What is the agreement where you make regular payments to a company and the company promises to pay you money if you suffer a specified loss, damage, illness, or death?

What is the amount you must pay toward your losses before you begin receiving any payments from your insurance company?

What is the basic information about a policy, including names of insurer and insured, description of insured property, and limits of coverage?

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

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Insurance Fundamentals: Coverage Limits, Risk Pooling, and Policy Components Explained

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