Insurance Vocabulary Review

An unplanned and unexpected event which occurs suddenly and at a definite place.

• Theft

• Burglary

• Accident

• Robbery

The insurance company representative who sells policies on behalf of the insurer.

• Adjuster

• Insurer

• Policyholder

• Agent

Someone who has an insurance policy/The person who gets insurance.

• Agent

• Broker

• Policyholder

• Theft

The party that provides or render services, on the happening of specified events.

• Broker

• Insurer

• Adjuster

• Advisor

Estimation of the value of an item.

• Valuation

• Contract

• Assignor

• Adjuster

Percentage of the expenses covered by the present insurance that the policyholder should pay/ The amount of a claim not covered by insurance policy which policyholder is responsible to pay.

• Coverage

• Coinsurance

• Premium

• Reimbursement

The scope of the protection provided under a contract

• Coverage

• Expenses

• Coinsurance

• Copayment

An agreement between two or more parties which is enforceable by law.

• Coinsurance

• Copayment

• Contract

• Law

Fixed percentage indicated in the particular conditions that the policyholder should pay directly before receiving medical and hospital services covered by the policy.

• Coverage

• Coinsurance

• Premium

• Copayment

The amount of money the policyholder must pay on a loss.

• Discount

• Bonus

• Deductible

• Premium