...UnIt 11 InSuRaNcE...

...VoCaBuLaRy...

UnIt 11

Claim : request for payment for damage, injury, theft for which you are insured.

Cover: when an insurance policy covers someone or something, the insurance company will pay out if the person is injured.

Damage: physical harm caused to something.

Fraud: a method of getting money illegally from a person or organisation often in a clever way.

Insurance: an arrangement in which a company collects money regularly in premiums from a person or organisation, and in return agrees to pay them a sum of money if they are involved in an accident, have something stolen, etc.

Insurance policy: an insurance contract covering a particular risk, and the document that gives details of this.

Premium: the amount paid for insurance during a particular period of time.

Risk: the possibility of a particular type of damage against wich you are covered.

Term: one of the conditions of an agreement, contract or legal document.