Insurance & Risk Protection Financial Terms & Definitions

25 terms in this topic

This topic encompasses various insurance policies, such as life, health, property, and liability insurance, as well as risk management techniques like hedging and diversification. The goal is to safeguard individuals and businesses against financial instability caused by unexpected incidents.

A

Actuary

An actuary is a highly skilled professional who uses mathematics, statistics, and financial theory to analyze and manage financial risk.…

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B

Beneficiary

A beneficiary is a person, organization, trust, or estate that is legally designated to receive assets or benefits from a…

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C

Cash value

Cash value is a feature of permanent life insurance policies, such as whole life insurance and universal life insurance. Unlike…

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C

Claim

In the world of insurance, a claim is a formal request you make to your insurance company asking them to…

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C

Coinsurance

Coinsurance is a cost-sharing mechanism commonly found in health insurance policies, where the insured individual and the insurance provider split…

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C

Copay

A copay (short for copayment) is a fixed dollar amount you pay out-of-pocket for a covered healthcare service, typically at…

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Actuary An actuary is a highly skilled professional who uses mathematics, statistics, and financial theory to analyze and manage… Auto collision coverage Auto collision coverage is a type of car insurance that pays to repair or replace your vehicle if… Auto comprehensive coverage Auto comprehensive coverage, often simply called comprehensive coverage or “comp,” is an optional part of an auto insurance… Auto liability coverage Auto liability coverage is a fundamental type of auto insurance that pays for injuries and property damage you… Beneficiary A beneficiary is a person, organization, trust, or estate that is legally designated to receive assets or benefits… Cash value Cash value is a feature of permanent life insurance policies, such as whole life insurance and universal life… Claim In the world of insurance, a claim is a formal request you make to your insurance company asking… Coinsurance Coinsurance is a cost-sharing mechanism commonly found in health insurance policies, where the insured individual and the insurance… Copay A copay (short for copayment) is a fixed dollar amount you pay out-of-pocket for a covered healthcare service,… Deductible A deductible is the amount of money you must pay out of your own pocket for covered healthcare… FSA (Flexible Spending Account) A Flexible Spending Account (FSA) is a type of savings account offered by employers that allows you to… Homeowners insurance Homeowners insurance is a type of property insurance that protects an individual’s home and personal belongings against damage,…