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Cigna Terms
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Insurer - Answer - An entity which provides insurance. Insured - Answer - A person who buys insurance. Also known as a policyholder or a subscriber. Contract - Answer - Called the insurance policy. Details conditions and circumstances under which the insurer will compensate he insured. Premium - Answer - The amount of money charged by the insurer to the insured for coverage. Name the 4 Core Insurance Principles - Answer - Pooling of Losses, Spread of Risk, Fortuitous Loss, Adverse Selection. Pooling of losses - Answer - "law of large numbers" The larger the population the easier it is to predict future losses. It helps to create more precise premium rates. Spread of Risk - Answer - as the group
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