Insurance Vocabulary

Front

Liability

Back

Responsibility to another person for one’s own negligence.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Replacement Cost

Back

The cost associated with replacing property at current market prices.

Front

Deductible

Back

The amount the insured must pay for a loss before any payment is due from the company.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Policy

Back

The contract issued by the insurance company to the policyholder.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Homeowners Policy Coverage

Back

Provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in the event of a loss.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Premium

Back

The amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Exclusion

Back

Specific conditions or circumstances for which the policy does not provide coverage.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Underwriting

Back

The process by which an insurer evaluates the risk of insuring a client.

Front

Claim

Back

A request made by the insured to the insurance company for payment of a loss.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

Front

Beneficiary

Back

A person who derives advantage from something, like a trust or life insurance policy.

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C