Insurance Vocabulary

4. the amount of money payable to a policyholder upon discontinuation of a life insurance policy
5. sums of money to be paid for specific types of losses under the terms of an insurance policy
6. the specified amount of a loss that the policyholder pays before the insurer is obligated to pay anything.The insurance company pays only the amount in excess of the deductible
7. compensation for actual losses incurred/returning the policyholder to the same financial condition he/she was in before the loss
9. a person named on an insurance policy to receive the benefits from the policy
11. a professional insurance salesperson who acts for the insurer in negotiating, servicing, or writing an insurance policy
15. premium the portion of a paid premium that the insurer has not yet earned because the policy term has not ended
16. the additional time after the premium due date that the insurer allows the policyholder to make the payment without penalty(30 days)
18. an event whose occurrence can cause a loss
19. policyholder’s request for reimbursement for a loss under the terms of an insurance policy
20. an unexpected reduction in value of the insured’s property caused by a covered peril – the basis of a valid claim

1. specified losses that the insurance policy does not cover
2. a table of premium rates based on ages and life expectancies
3. the person or company protected against loss (not always the owner of the policy)
8. the amount stated in a life insurance policy to be paid upon death
10. a condition that creates or increases the likelihood of some loss(lightning or defective house wiring)
12. the contract form that has been adopted by many insurers, approved by state insurance divisions, or prescribed by law
13. protection provided by the terms of an insurance policy
14. a specialist in insurance calculations and statistics
17. written verification of the amount of a loss that must be provided by the insured to the insurer before a claim can be settled