Rental Terms
Certificates of Coverage
AKA Certificate of Insurance. Serves as proof of insurance. Outlines benefits. Outlines provisions.
Claim
Written request by an insured party for their insurance company to pay for an incurred loss.
Copayment
Partial payment of medical costs that individual participants may be required to make based on their health insurance policy.
Covered Expenses
Medically-related expenses. Such as surgery, medicines, hospitalization, ambulance service, and X-rays.
Deductible
Amount that must be paid out of pocket by the insured for covered losses.
Individual Policy
Insurance policy that provides coverage for an individual person as opposed to a group policy.
Hazard
Circumstances that increases the likelihood or probable severity of a loss.
Personal Liability Insurance
Covers financial losses you suffer when you accidentally cause damages to others or their property.
Premium
Payment required to maintain an insurance policy.
Renters Insurance
Insurance for tenants. Typically consisting of two components: liability and personal property coverage.
Self-Insurance
Protects against loss by assigning a sum of your own money instead of using a conventional insurance policy.
Underwriting
Process insurance companies uses to calculate the risk of insuring an applicant and an appropriate life insurance premium.
Informaton Provided By Insurance Information Institute
http://www.iii.org |
