Basic Insurance Terminology

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Across
  1. 2. The company offering insurance protection through the sale of a policy – the insurance company.
  2. 3. That person or persons whose name is stated within the policy document as being the named insured.
  3. 6. The chance of loss. Also, the term used to designate an insured or a peril insured against.
  4. 8. A request for payment of a loss under an insurance policy.
  5. 9. The amount of loss which is paid by the insured. This is commonly a dollar amount which is specified in the insurance contract, but may be stated as a percentage. This is the first amount which is paid of any claim.
  6. 10. The monetary consideration that fulfills the contractual requirements of an insurance policy.
Down
  1. 1. A person or organization covered by an insurance policy.
  2. 3. is a measure or estimation of how likely it is that something will happen or that a statement is true.
  3. 4. A system which makes financial losses more affordable by transferring risks from individuals to groups in return for a premium.
  4. 5. A legal obligation that arises from personal or corporate acts or the non-performance of those acts.
  5. 7. Synonymous with “insurance.” The protection provided under an insurance policy. Any of several risks covered by a policy.
  6. 10. The physical document that represents the contractual agreement between an insured and an insurer which sets out all the terms, conditions and provisions of the coverage, term of the contract and the specified cost of the coverage.