Podcast
Questions and Answers
Match the following insurance concepts with their definitions:
Match the following insurance concepts with their definitions:
Premiums = The amount paid by the policy holder to the insurance company Claim = A request to the insurance company for compensation Deductible = The initial amount paid by the policy holder before the insurance coverage kicks in Compensation = The payment made by the insurance company to the policy holder
Match the following insurance terms with their meanings:
Match the following insurance terms with their meanings:
Insured = The party that purchases the insurance policy Policy holder = The individual or business that owns the insurance policy Claimant = The party that files a claim with the insurance company Insurer = The insurance company that provides the coverage
What is the primary purpose of buying an insurance policy?
What is the primary purpose of buying an insurance policy?
What does the insured party need to pay to the insurance company regularly?
What does the insured party need to pay to the insurance company regularly?
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What does the policy holder need to file to the insurance company when loss or damage occurs?
What does the policy holder need to file to the insurance company when loss or damage occurs?
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What is the amount that the policy holder must pay before the insurance company pays out?
What is the amount that the policy holder must pay before the insurance company pays out?
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What type of insurance covers property owners and businesses against claims of negligence?
What type of insurance covers property owners and businesses against claims of negligence?
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Study Notes
Insurance Policies
- Insurance policies protect people and companies against risks to their health, home, car, and financial loss.
- Insured parties pay annual or monthly premiums to the insurance company for coverage.
Filing a Claim
- When loss or damage occurs, the policy holder files a claim to the insurance company.
- The insurance company assesses the amount of loss or damage to the policy holder.
Compensation
- If the claim is approved, the insurance company pays out to the claimant.
- The policy holder must pay a deductible before receiving compensation.
Liability Insurance
- Many property owners and businesses carry liability insurance.
- Liability insurance covers them against claims of negligence.
Insurance Policies
- Insurance policies protect people and companies against risks to their health, home, car, and financial loss.
- Insured parties pay annual or monthly premiums to the insurance company for coverage.
Filing a Claim
- When loss or damage occurs, the policy holder files a claim to the insurance company.
- The insurance company assesses the amount of loss or damage to the policy holder.
Compensation
- If the claim is approved, the insurance company pays out to the claimant.
- The policy holder must pay a deductible before receiving compensation.
Liability Insurance
- Many property owners and businesses carry liability insurance.
- Liability insurance covers them against claims of negligence.
Insurance Policies
- Insurance policies protect people and companies against risks to their health, home, car, and financial loss.
- Insured parties pay annual or monthly premiums to the insurance company for coverage.
Filing a Claim
- When loss or damage occurs, the policy holder files a claim to the insurance company.
- The insurance company assesses the amount of loss or damage to the policy holder.
Compensation
- If the claim is approved, the insurance company pays out to the claimant.
- The policy holder must pay a deductible before receiving compensation.
Liability Insurance
- Many property owners and businesses carry liability insurance.
- Liability insurance covers them against claims of negligence.
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Description
Understanding the concept of insurance, including types, policies, premiums, and claims. Learn how insurance protects against risks and provides compensation in case of accidents or damages.
