Insurance:
A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insure. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
Death benefit:
The payment made to a beneficiary from an annuity or policy when the policyholder dies. also called survivor benefit.
Accidental death benefit:
A life insurance policy provision that calls for an additional payment, usually equal to the face amount of the insurance, in the event of accidental death. also called double indemnity.
Adequate coverage
protection that covers the replacement cost of an insured asset.
Third party
Someone other than the principals directly involved in a transaction or agreement.
Transaction
In accounting, any event or condition recorded in the book of accounts.
Account
A record of financial transactions for an asset or individual, such as at a bank, brokerage, credit card company, or retail store.
Payment
The partial or complete discharge of an obligation by its settlement in the form of the transfer of funds, assets, or services equal to the monetary value of part or all of the debtor's obligation.
Moetary Value
The value or worth that a product or service would bring to someone if sold.
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