INSURANCE VOCAB

• A formal request made

by the insurance
policyholder to the
CLAIM insurance company for
payment or services
covered by the
insurance policy
 AN INSURANCE

COMPREHENSIVE POLICY THAT

PROVIDES COMPLETE
PROTECTION
 THE RISKS COVERED

COVERAGE AND AMOUNT OF

MONEY PAID FOR THE
LOSS
 THE DEDUCTIBLE IS
THE AMOUNT YOU
DEDUCTIBLE MUST PAY BEFORE THE
INSURANCE
COMPANY WILL PAY.
 A FINANCIAL
PRODUCT THAT YOU

INSURANCE BUY FROM AN

INSURANCE
COMPANY OR
ORGANIZATION
 • Licensed representative
who handles the

INSURANCE AGENT purchase of insurance

between the customer
and the insurance
company
 DEATH, INJURY, OR
LOSS DAMAGE THAT IS THE
BASIS FOR A CLAIM
POLICY A CONTRACT OF
INSURANCE
 THE PERSON TO

POLICYHOLDER WHOM AN
INSURANCE POLICY IS
ISSUED
 A PAYMENT MADE
MONTHLY, TWICE A
PREMIUM YEAR, OR YEARLY, FOR
AN INSURANCE
POLICY
PROPERTY INSURANCE • Three types: auto,
home, and renters
 CHANCE OR
RISK POSSIBILITY OF INJURY,
DAMAGE, OR LOSS