| A | B |
|---|
| premium | amount paid for insurance |
| policy | the insurance contract |
| liability | legal responsibility to pay for damaged caused by you |
| insurance | purchased protection that limits financial risk by sharing among a large group |
| indemnity | restoring the insured to a financial position before the loss |
| insurable interest | a financial stake in life or property |
| exclusions | specific risks not covered by the policy |
| endorsements | riders, add or take away coverage |
| depreciation | loss in value over time |
| assigned-risk pool | at-risk drivers pay higher premiums but have a way to get insurance |
| claim | form to request payment for insured losses |
| HO-4 | renter's insurance |
| appraisal | estimate of value made by qualified person |
| deductible | part insured must pay before benefits begin |
| insured | person covered by policy |
| COBRA | workers can keep group insurance for 18 months at their own expense |
| beneficiary | person who receives death benefit |
