1.
A system where individuals or organizations pay a company to transfer financial risk in exchange for protection against potential losses.
2.
A formal agreement between an insurance company and a customer that details what is covered, the conditions, and the limits of protection.
3.
The range of risks, events, or damages that an insurance plan agrees to protect against.
4.
The set amount a policyholder must pay before insurance begins to cover the remaining costs of a claim.
5.
The recurring fee paid to an insurance provider to keep coverage active.
6.
A request made to an insurance company asking for payment after a covered loss or incident occurs.
7.
A predetermined fee paid for a specific service, with insurance covering the rest of the cost.
8.
Auto insurance that pays for repairs or replacement when a vehicle is damaged in a crash with another object or vehicle.
9.
Auto insurance that covers vehicle damage from non-collision events such as theft, weather, fire, or vandalism.
10.
Insurance that pays for injuries or property damage the policyholder causes to other people.
11.
Insurance that provides financial protection for vehicles against accidents, theft, and liability claims.
12.
A plan that helps cover medical expenses including doctor visits, hospital care, and prescriptions.
13.
Insurance that protects a home and its contents from damage and provides liability coverage for incidents on the property.
14.
Insurance that protects a renter’s personal belongings and offers liability coverage within a leased property.
15.
Life A permanent life insurance policy that remains active for life and builds cash value over time.
16.
Life A life insurance policy that lasts for a specific time period and pays out only if the insured dies during that term.
