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