insurance

Term Definition
coverage Your coverage refers to the range of protection you are eligible to receive from an insurance plan
claim A claim is the request you make to your insurance company for payment of the benefits allowed by your coverage
deductible is the amount you are required to pay toward each claim you make before your insurance kicks in.
premium is the amount you pay to have insurance for a specific amount of time
beneficiary The individual or group of individuals named to receive the benefit of a life insurance policy.
dependents Persons who depend on someone else for their livelihood. Most often these are minor children and a spouse, but they can be adult siblings, adult children, and elderly parents.
disability insurance A type of insurance that replaces the income of the insured individual if he or she cannot work due to injury or illness.
insurance An agreement in which an individual pays a company to protect him or her from property loss or damage or financial loss.
policy The agreement or contract between an individual and an insurance company.
renters insurance A type of insurance that replaces personal property in a rental residence if it is stolen or damaged due to fire, smoke, or vandalism

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