Insurance Terms

A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.

• Claim

• Accident

• Premium

• Coverage

An type of car insurance policy that provides complete protection.

• Deductible

• Comprehensive

• Liability

• Total

The types of events (losses) that an insurance company would pay for and the amount of money paid for the loss.

• Premium

• Deductible

• Coverage

• Claim

The amount you must pay on a claim before the insurance company will pay.

• Premium

• Policy

• Loss

• Deductible

A financial product (called an insurance contract or policy) that you buy from an insurance company or organization.

• Insurance

• Premiums

• Stocks

• Bonds

A licensed representative who handles the purchase of insurance between the customer and the insurance company.

• Business Agent

• Insurance Agent

• Free Agent

• Bond Agent

Death, injury, or damage that could result in an insurance claim.

• Term

• Loss

• Deductible

• Premium

A contract of insurance

• Policy

• Premium

• Deductible

• Claim

The person to whom an insurance policy is issued.

• Agent

• Salesman

• Broker

• Policyholder

A payment made monthly, twice a year, or yearly, for an insurance policy.

• Premium

• Copay

• Tax

• Benefit