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Unit 5 Vocabulary.docx - Harding 1 Grace Harding Sinsel...

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Harding 1Grace HardingSinselPersonal Finance pt.24/3/2021Unit 5 Vocabulary1.Insurance – promised payment for specified future losses should they occur inexchange for a payment called a premium.2.Insurer – a company that pays to compensate the policyholder for losses or damagesas described in an insurance policy as long as the premium is paid.3.Insurance policy – a written contract between an insurer and a customer describingthe terms of the insurance, what is covered, the cost of the premium and deductibleamount.4.Policyholder – the owner of an insurance policy.5.Premium – the periodic payment for an insurance policy.6.Claim – a policyholder’s notification to the insurance company requesting payment ofan amount do for a covered loss.7.Deductible – a dollar amount a policyholder pays before the insurer starts to makepayments for covered loss.8.Life Insurance – money paid to a designated person/group of people when you die.9.Risk – the probably that something negative may happen.

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