| A | B |
|---|
| risk | A situation in which some kind of loss is possible. |
| insurance | Financial protection purchased to compensate for loss. |
| insured | An individual, usually but not always the buyer, covered by an insurance policy. |
| premium | Payment made by the insured to the insurer in order to obtain coverage. |
| insurer | The company or agency that writes an insurance policy. |
| insurance policy | A contract written to protect individuals named in the policy against specific future losses. |
| coverage | Protection against a specific kind of loss. |
| claim | A request to cover losses from a specific event. |
| underwriting | The process of assessing applicants for insurance to determine whether they are a good risk. |
| liability | Legal responsibility |
| product options | Special features added to a basic insurance policy. |
| deductible | The amount an insured pays on a claim before the insurer pays the remainder. |
| insurability | An insurer's determination that an individual meets the company's criteria to be insured. |
