Insurance Vocabulary Haynes Tankersley Claim Insurance claims are
Insurance Vocabulary Haynes Tankersley
Claim Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved.
Liability General insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
Coverage The amount of risk or liability covered for an individual or entity by way of insurance services. Insuranc e coverage is issued by an insurer in the event of an unforeseen or unwanted occurrences.
Policy A document detailing the terms and conditions of a contract of insurance.
Deductible In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.
Policy Holder In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policy holder, which determines the claims which the insurer is legally required to pay.
Insured To be covered by insurance, to be insured
Premium The amount that must be paid for your health insurance or plan. You and/or your employer usually pay it monthly, quarterly or yearly.
Insurer An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy.
Probability The chances that something bad will happen to the policy holder such as a car accident or health related injuries.
Insurance A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
Risk Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
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