Premium - The amount of money paid to an insurance company in exchange for coverage, Deductible - The amount of money an insured person must pay before an insurance company will begin to cover the cost of a claim., Policy - The contract between an insurance company and the insured person that outlines the terms of coverage., Claim - A request made to an insurance company for reimbursement of costs associated with a covered loss, Coverage - The extent to which an insurance policy will provide protection against specific risks or losses, Liability - The legal responsibility for something, typically associated with causing harm or damage to someone or something else., Underwriter - The person or entity responsible for assessing and determining the risk associated with insuring someone or something., Insurer - The company or organization that provides insurance coverage to the insured person., Agent - A person or company that sells insurance policies on behalf of an insurance company., Exclusion - A provision in an insurance policy that limits or eliminates coverage for certain risks or losses. Exclusions are typically spelled out in the policy documents.,

Insurance vocabulary

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