words in insurance

4. : Underinsurance is when your insurance cover, or sum insured, is less than the value at risk.
6. : Someone who is owed money.
7. : This is when someone promises to pay for loss or damage they cause someone else.
10. : Insurers can buy cover from other insurers to protect themselves against large (or unexpected) losses.
12. : A certificate which gives the person holding it the right to buy shares at a given price.
13. : What your insurance will and won’t protect if you need to make a claim.
16. : When someone buys cover for more than the value of the items insured.
18. : The price that a buyer (bidder) is willing to pay for a good. If you are a member of a unit trust link, this is the price you will get for each unit if you cash in all or part of your investment.
19. : An event or outcome that you can insure yourself against such as fire, theft, flooding.
20. : These are items that you own such as jewellery or paintings.

1. : The process of closing down a company by paying its debts and distributing any money left over.
2. : A person or firm that places its customers’ insurance with an insurer.
3. : This is the process of removing harmful carbon emissions from the economy.
5. : The total amount you pay for cover – your premium plus any charges or commission
8. : Where the customer stops paying premiums or a policy that is not renewed.
9. : An income or lump sum of money bequeathed or left to a beneficiary or loved one after you die.
11. : The potential costs of an insured event, such as a flood, to an insurer.
14. : The amount before costs are deducted.
15. : Injury or damage to an insured property or person as a result of an accident or misfortune.
17. : A risk or item specifically not covered by a policy.