Insurance Fundamentals| Questions with 100% correct answers | verified

nsurance - A Contractual arrangement that protects against lost Insurer - The party who agrees to indemnify (Geico) Indemnify - To make good the loss of a suffering party Insured - The party covered or protected by insurance Beneficiary - a person who derives advantage from something, especially a trust, will, or life insurance policy. Policy - a written contract of insurance Premium - The consideration for a contract of insurance Risk - Potential loss that is insured against. Insurable Interest - Potential to sustain loss if the insured property is damaged or destroyed or if the insured person is injured or dies. Term Life Insurance - life insurance that pays a benefit in the event of the death of the insured during a specified term. Whole Life Insurance - life insurance that pays a benefit on the death of the insured and also accumulates a cash value. Claim - state or assert that something is the case, typically without providing evidence or proof.