Which defines insurance?
Answer. Insurance is defined as a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event.
Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursem*nt against losses from an insurance company.
It is a contract whereby a party transfers a risk of financial loss to a risk bearer for a fee.
Think deeply about the exact question the agent asked, and only provide that specific information. Never admit to fault. Never admit to even being partially at fault. Never admit that you are uninjured.
Insurance is a legal agreement between two parties – the insurer and the insured, also known as insurance coverage or insurance policy. The insurer provides financial coverage for the losses of the insured that s/he may bear under certain circ*mstances.
insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Insurance is an agreement in which and individual pays a company to protect him/her from possible loss or damage, can be a property loss or financial loss. *Reimburses you for unexpected losses or damages caused by specific set of hazards such as illness or fire.
Simplified issue insurance is a life insurance policy you can be approved for with minimal health questions. This type of insurance is typically geared towards people who need to obtain life insurance right away and/or those who don't wish to submit to a medical exam.
The person or entity who receives benefits from an insurance policy.
Which of the following best defines an insurance policy quizlet?
Which of the following best defines an insurance policy? A contract between an insured and an insurer that guarantees payment for loss caused by a specific event.
It is a protection that guarantees to pay you in the event of financial losses is correct because insurance companies aim to take back an individual to the financial position they were before the risk happened.
Insurance is generally defined as a contract which is also called a policy. An insurance policy is a contract in which an individual or an organization gets financial protection and compensation for any damages by the insurer of the insurance company.
Don't give more details than the basics. Avoid giving a narrative of the car accident. You may even decline a yes-or-no question if it pertains to how the collision occurred. Also, avoid telling the adjuster about your injuries.
Income: Take your salary and multiply by the number of years you think your family needs protection – or at least as long as you have children at home. Mortgage: Look at your last statement and get the payoff amount. Education: The anticipated cost for sending each of your children to college.
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
To insure is to guarantee or protect the monetary value of something with, as you might imagine, insurance. We insure, or protect, our homes and cars and other valuables against loss or damage from accidents by taking out insurance policies.
An insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circ*mstances.
Definition of life insurance
Life insurance covers the life of a person. If they die while the policy is active, the insurer pays out a claim to the named beneficiaries. You can choose any person or entity to be a beneficiary, such as a child, spouse or trust.
How is insurance determined?
Insurance companies set prices to match the cost of future claims. To do this, insurance companies look at your personal risk factors (the type of car you drive or where you live). But they also look at how much they spend on all claims.
: a means of guaranteeing protection or safety. The contract is your insurance against price changes. Frequent hand washing is good insurance against the common cold.
Term insurance is a type of life insurance policy that provides coverage for a certain period of time, such as 30 years. If the insured dies during the time period specified in a term policy and the policy is active, then a death benefit will be paid.
Which of the following best defines insurance? It is a Contract we're by a party transfers a risk of financial loss to a risk bearer for a fee.
Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident.
