| A | B |
|---|
| Actual Cash Value | the value of an asset minus depreciation |
| Beneficiary | party who receives proceeds from life insurance claim |
| Bodily Injury Liability | Covers injuries to persons riding in car with driver and in other car |
| Claims | request for payment from insurance company |
| Collision Insurance | Protects owner from damages from accident |
| Comprehensive Insurance | covers all damage other than collision |
| Deductible | money paid before insurance company pays claim |
| Insurable interest | right to insure property or person |
| Insurance fraud | flase claims made to insurance company |
| Exclusions | limitations to policy coverage |
| Face amount | the policy limit of a life insurance policy |
| Fidelity and surety bonds | insures against a financial loss due to dishonesty |
| Fire insurance | covers loss due to unfriendly fire |
| Premium | amount of money paid for insurance coverage |
| Proceeds | money paid to a survivor from a life insurance contract |
| Risk | possibility of a financial loss |
| Underwriter | professional who assesses financial risk as related to insurance |
| Policy | contract issued by insurance company |
| Indemnify | to make good or compensate the loss of a suffering party |
| Variable life insurance | policy accumulates cash value |
