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Understanding Insurance

Assets – any entity that is tangible or intangible that can be insured.

Claim – a request that is formally filed to the insurance company by the policyholders or the survivors of the policyholder to enact coverage benefits and/or provisions of their insurance policy.

Comprehensive Insurance – a kind of insurance policy that provides wide coverage when it comes to protection.

Coverage – generally refers to the extent that the insurance policy protects the assets, beneficiaries, licenses, and entities that are insured in the policy.

Deductible – this is the amount that the policyholder pays before the benefits of the insurance policy can be taken advantage of.

Insurance Carrier – the company which supports the insurance policy that the holder is enrolled into.

Policy Holder – the person who owns the insurance policy; a term usually used to refer to the insured person or the person(s) enrolled on the insurance policy.

Policy Renewal – this refers to the continuation of an insurance policy by paying another premium that will make the insurance policy operative for another period.

Premium – this is the amount the policyholder periodically pays for an insurance policy.

Risk Management – the identification of exposure to risks and the analysis of the best way to handle such risks through insurance, safekeeping of assets, etc.

Understanding Taxes