Deductable
The amount the insured must pay in a loss before any payment is due from the company.
Liability
Responsibility to another person for ones own negligence
Term life insurence
Replaces lost income during working years
Premium
The amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy
Quote
The insurance company's estimate of what they can offer you, and at what cost to your pocketbook
Policy
The contract issued by the insurance company to the policyholder
Agent
A person who sells insurance policies
Replacement Cost
The cost associated with replacing property property at current market prices
Policy owner
The person or party who owns an individual insurance policy. Also called a policyholder
Adjuster
A person who investigates and settles insurance claims