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vocabulary words define

label English
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  1. Claim I. Liability

  2. Coverage J. Personal Property

  3. Deductible K. Premium

  4. Insurability L. Product Options

  5. Insurance M. Real Property

  6. Insurance Policy N. Risk

  7. Insured O. Underinsured

  8. Insurer P. Uninsured

Jan 21st, 2015

 Claim=a formal request asking for money from an insurance company. Ex: when you get in a car accident,you call your insurance company and file a claim to get money to fix your car.

Coverage=the amount and type of insurance that the insured bought

Deductible=the amount you pay out of your pocket before the insurance company pays

Insurability=the conditions under which an insurance company will offer insurance to a prospective buyer

Insurance=an arrangement or agreement that protects a person from future financial loss.

Insured=the person who owns the insurance pollicy

insurer=the insurance company i.e. prudential, GEICO etc

liability=an obligation, responsibility, debt

personal property= the property you own such as a car,house, dog,etc

premium= how much you pay per month or year for the insurance policy

product options=the different insurance policies available to choose from

real property= land such as your house, and  yard

risk=the probability that an insured event will occur ex; car accident, flood etc

underinsured= not enough insurance to meet your needs

uninsured= someone with no insurance 

hope this helps. Please best this answer

Jan 21st, 2015

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