For questions 1-10, fill in the blank with the letter of the term that best matches the
description.
a coverage
b. insurance
c. policy
d. risk management
e. actuary
f. insurer
g. liability
h. claim
i. premium
j. deductible
1.) An arrangement by which a company gives customers financial protection against loss or harm in return for payment.
2.) Determining, minimizing, and preventing accidental loss in a business, for example, by taking safety measures and buying insurance.
3.) The company that sells insurance
4.) The amount of money charged for a certain amount of insurance coverage
5.) The amount an insured person must pay before making a claim against an insurance policy before an insurer will pay any compensation.
6.) The amount or type of protection provided by an insurance policy
7.) A statistician who calculates insurance premiums, risks, dividends, and annuity rates.
8.) A fixed dollar amount of coverage for damages than an insured becomes legally liable to pay due to an accident or other negligence.
9.) An application for payment under an insurance policy
10.) A contract of insurance
