Insurance Legal Terms Glossary
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- BeneficiaryThe person or entity designated to receive benefits or proceeds from an insurance policy.
- ClaimA formal request for payment or benefit under an insurance policy after a covered event occurs.
- CoverageThe specific risks, losses, or events outlined in an insurance policy for which the insurer agrees to provide financial protection or compensation.
- InsuredThe individual or entity that purchases insurance coverage and whose interests are protected by the insurance policy.
- InsurerThe insurance company or entity that provides insurance coverage and assumes risk in exchange for premiums.
- PolicyThe written contract between the insured and the insurance company that outlines the terms, conditions, and coverages of the insurance agreement.
- PremiumThe amount paid by an insured to an insurance company for coverage under a policy.