Insurance Terms
rename
Updated
2009-02-22 18:19
Terms
| Question | Answer |
|---|---|
| Act of God | natural disaster that couldn't have been reasonably prevented or avoided |
| Assignment of benefits | insured party signs form to authorize insurance company to pay directly |
| Beneficiary | party to whom proceeds of a life insurance policy are payable |
| Binder | statement that coverage is in force |
| Claim | request for payment for a loss under an insurance policy |
| Co-insurance | insured party and insurance company share costs |
| Question | Answer |
|---|---|
| Co-payment | amount paid by insured whenever they receive services |
| Deductible | amount insured party pays before the insurance company starts paying |
| Depreciation | measure of loss in value of an item over time |
| Exclusion | item, peril or situation that are not covered by a policy |
| Liability | liability insurance guards against third party claims for injury and damage caused by insured party |
| Loss ratio | percentage of pemium dollars insurance company pays in benefits (aka benefit-cost ratio) |
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