Insurance Vocab

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Last updated 2:33 PM on 9/14/26
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17 Terms

1
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Premium

what you pay

2
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Deductible

what you pay first

3
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Insured

who's protected

4
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Insurer

insurance company

5
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Policy

contract

6
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Coverage

what's protected

7
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Exclusion

what's NOT protected

8
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Limit

most insurance pays

9
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Peril

cause of loss

10
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Hazard

increases chance of loss

11
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Risk

possibility of loss

12
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Indemnity

restore, don't profit

13
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ACV

replacement cost − depreciation

14
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Replacement cost

cost to replace new

15
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Liability

legal responsibility

16
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Negligence

failure to use reasonable care

17
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Subrogation

insurer goes after responsible party