| A | B |
|---|
| Insurance | A way to ensure you are protected from financial loss; can include home, auto, life and health. |
| Premium | Amount of money you pay every month or other set time period for your insurance coverage |
| Agent | Person who represents an insurance company |
| Benefit | a payment or entitlement, that is made under an insurance policy. |
| Disability Insurance | replaces a portion of one's income if they become unable to work due to illness or injury. |
| Risk | Possibility of financial loss. |
| Deductible | Amount you must pay before the insurance company pays. |
| Coverage | The scope of protection provided under an insurance policy. |
| Policy | Contract between you and your insurance company, enforceable promise for something of value. |
| Claim | Demand by a person seeking recovery from a loss. |
| Rider/Floater | A separate policy available to cover the value of goods beyond the standard policy. |
| Beneficiary | Money paid to the survivors. Is called the proceeds. The person(s) who receives part of the money when someone dies. |
| Whole Life Insurance | Guaranteed cash value that gradually builds inside the policy. The cash value forms part of the death benefit but can still be accessed while the insured is alive. |
| Term Life Insurance | Provides temporary protection for a specified, limited time that can be defined in years or by the age of the insured. If the insured dies during the term of coverage, then the policy's death benefit is paid. If the insured is alive at the end of that term, then the coverage ends, and the policy terminates without value. |
| Face Value | The stated dollar amount that the policy's beneficiaries receive upon the death of the insured. |
| Comparision | Getting quotes from more than one insurance company to compare the prices and policies. |
| Co-pay | A flat fee an individual pays for health care services. |
| Bodily Injury Liability | Insurance covers injuries to someone else. |
| Liability Coverage | Protects you from claims of injury or property damage to others in case you're held responsible for an accident. |
| Collision | Covers damages to your own vehicle. |
| Depreciation | Is the decline in value of vehicle because of use. |
| Comprehensive Coverage | Insurance covers damage to a policy holder's vehicle caused by things other than a car accident. It covers losses from falling objects. |
| Declaration page | is the first page of your policy, summarizing key details like your covered vehicles, drivers, policy dates, chosen coverages (liability, collision, etc.), coverage limits, deductibles, discounts, and total premium, acting as a quick reference for what you're paying for. It's your proof of insurance and helps you verify the specifics of your plan, but it's not the full legal policy. |
