Insurance Day 1

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/10

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 6:03 PM on 8/19/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

11 Terms

1
New cards

Risk Pooling

The spreading of financial risk evenly among a large number of contributors to the program

<p>The spreading of financial risk evenly among a large number of contributors to the program</p>
2
New cards

risk

The expensive chance of loss from an event that cannot be entirely controlled

<p>The expensive chance of loss from an event that cannot be entirely controlled</p>
3
New cards

insurance

protection against possible financial loss

<p>protection against possible financial loss</p>
4
New cards

Deductible

Amount you must pay before you begin receiving any benefits from your insurance company

<p>Amount you must pay before you begin receiving any benefits from your insurance company</p>
5
New cards

Premium

Amount you pay regularly to purchase insurance

<p>Amount you pay regularly to purchase insurance</p>
6
New cards

insurance policy

a written contract between the insured and an insurance company that promises to pay for all or part of a loss

<p>a written contract between the insured and an insurance company that promises to pay for all or part of a loss</p>
7
New cards

quote

An estimate of how much something will cost if you buy it.

<p>An estimate of how much something will cost if you buy it.</p>
8
New cards

insurance underwriter

determines the cost of the policy using risk factors and statistical data

9
New cards

insurance agent

a person employed to sell policies and provide customer service.

<p>a person employed to sell policies and provide customer service.</p>
10
New cards

claim

formal request to the insurance company for reimbursement for a covered loss

<p>formal request to the insurance company for reimbursement for a covered loss</p>
11
New cards

Insurance Loss

The basis of a claim for damages under the terms of a policy.