Abbie Zemlak
Jan 07, 2025
Need help with Personal Finance matching!?
I’ve been reviewing the definitions for these terms, but I’m feeling so confused because they all seem so similar! It’s really frustrating. Can someone help clarify these terms and match them to the correct descriptions below?
Terms:
a. Coverage
b. Insurance
c. Policy
d. Risk management
e. Actuary
f. Insurer
g. Liability
h. Claim
i. Premium
j. Deductible
Descriptions:
1. An arrangement by which a company provides customers with financial protection against loss or harm in exchange for payment. (1 point)
2. The process of identifying, minimizing, and preventing accidental loss in a business, such as by implementing safety measures and purchasing insurance. (1 point)
3. The company that offers and sells insurance. (1 point)
4. The amount of money charged for a specific level of insurance coverage. (1 point)
5. The portion of a loss or damage cost that an insured individual must pay before the insurer provides compensation. (1 point)
6. The level or type of protection offered by an insurance policy. (1 point)
7. A professional statistician who calculates insurance premiums, risks, dividends, and annuity rates. (1 point)
8. A fixed amount of coverage for damages that an insured individual may be legally required to pay due to an accident or negligence. (1 point)
9. A formal request for payment under an insurance policy. (1 point)
10. A legal contract outlining the terms and conditions of insurance coverage. (1 point)
Can someone help me match these terms to their correct definitions? Thank you in advance!
2 Answers
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