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Insurance (contract (represented by a policy, an individual and entity…
Insurance
contract
represented by a policy
an individual and entity receives financial protection
reimbursement against losses from an insurance company
components
premium
monthly cost
based on your or your business's risk profile
different insurers may charge different premiums for similar policies
policy limit
maximum amount an insurer will pay under a policy fro a covered loss
high limits carry higher premiums
deductible
specific amount the policy-holder
pay out-of-pocket before the insurer pays a claim
who/ what
individuals
auto
health
homeowners
life
business
special types of risks faced by a particular business
cover damage
injuries
specific needs
kidnap and ransom
medical malpractice
professional liability insurance
used to hedge the risk of financial losses