insurance

4. Liability in insurance is the responsibility of the insured to provide compensation for damages caused to another party, covered according to the policy's terms.
6. Risk in insurance is the potential for losing something of value, calculating it helps in determining the premium and coverage terms.
7. A claim is a formal request made by an insured individual to an insurance company for coverage or compensation for a covered loss or event.
12. An underwriter is a professional within an insurance company who evaluates, analyzes, and assesses the risk involved in insuring people or assets. They determine the terms and premium of the insurance policy.
13. Homeowner insurance provides coverage for a private residence, including protection against risks, liabilities, and property damage.
14. A beneficiary is a person or entity designated to receive the benefits from an insurance policy or financial contract, such as life insurance.
15. An adjuster is a professional who investigates insurance claims to determine the extent of the insuring companys liability.
17. Refers to car insurance policies that provide coverage for loss or damage to an insured's vehicle or liabilities arising from driving.
18. An endorsement is an amendment or addition to an existing insurance policy that changes the terms or coverage of the policy.

1. In insurance, an incident is an event or occurrence that may trigger a claim to the insurer for coverage under the policy.
2. A payout is the amount of money an insurance company disburses to settle a claim, as per the policy agreement.
3. An insurance policy is a contract between the insurer and the insured, detailing the terms, conditions, coverage, premiums, and deductibles.
5. An insurer is a company that provides insurance coverage by the underwriting process and protects the insured against specific losses.
8. Loss in insurance refers to the reduction in value of an insured asset or incurred when an insured peril causes damage to an asset.
9. Property insurance covers damages to physical property and assets, typically from perils like fire, theft, or natural disasters.
10. A premium is the amount of money paid by an insured person or entity to an insurance company in exchange for coverage.
11. Coverage refers to the amount of protection given by an insurance policy, detailing what risks or losses are covered.
16. A deductible is an amount that must be paid out of pocket by the policyholder before the insurer pays a claim.