Insurance Terms and Definitions

Front

A person or entity designated to receive benefits from a financial contract.

Back

Beneficiary

Front

A formal request to an insurance company for compensation for a covered loss.

Back

Claim

Front

A financial arrangement where a premium is paid for coverage of losses or damages.

Back

Insurance

Front

An acceptance of risk and/or an obligation or responsibility to pay a certain amount.

Back

Liability

Front

Covers medical and surgical expenses.

Back

Health Insurance

Front

Coverage for a tenant's personal property and liability.

Back

Renters Insurance

Front

Insurance that pays a beneficiary upon death.

Back

Life Insurance

Front

A type of property insurance for a private residence covering damages, losses, and liability for accidents.

Back

Homeowners Insurance

Front

A type of property insurance for automobile losses.

Back

Auto Insurance

Front

Insurance that covers claims for injuries and damage for which the insured is responsible.

Back

Liability Insurance