| Terms To
Know |
| Claim |
A demand to recover a loss protected by an insurance policy. |
| Coverage |
A synonym for insurance
indicating how much protection the insurance
provides. This may mean the dollar amount
purchased or the type of loss covered. |
| Deductible |
The amount of money the policyholder agrees to pay toward the total amount of an insured loss. |
| Exclusion |
An event or loss that an
insurance policy does not cover. |
| Liability |
Legal obligations resulting from negligent acts resulting in property damage or bodily injury. |
| Libel |
Any false or malicious written or printed statement that publicly ridicules someone or damages their reputation. |
| Loss |
The dollar amount of an insurance claim or the basis upon which a claim is submitted. |
| Negligence |
Carelessness or the failure to use a reasonable amount of care when such a failure could result in an injury or damage to another. |
| Peril |
The cause of a loss that is insured by the policy. |
| Policy Limit |
The most money the insurance company agrees to pay for a specific loss. |
| Premium |
The amount of money you pay to the insurance company in return for insurance coverage. |
| Slander |
Anything spoken about an individual that is false and malicious that ridicules them or damages their reputation. |
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