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Insurance Terms

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Updated 2009-02-22 18:19

Summary

General insurance terms.

Terms

Question Answer
Act of Godnatural disaster that couldn't have been reasonably prevented or avoided
Assignment of benefitsinsured party signs form to authorize insurance company to pay directly
Beneficiaryparty to whom proceeds of a life insurance policy are payable
Binderstatement that coverage is in force
Claimrequest for payment for a loss under an insurance policy
Co-insuranceinsured party and insurance company share costs
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Question Answer
Co-paymentamount paid by insured whenever they receive services
Deductibleamount insured party pays before the insurance company starts paying
Depreciationmeasure of loss in value of an item over time
Exclusionitem, peril or situation that are not covered by a policy
Liabilityliability insurance guards against third party claims for injury and damage caused by insured party
Loss ratiopercentage of pemium dollars insurance company pays in benefits (aka benefit-cost ratio)
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