Business Insurance Review

A formal request made by the insurance policyholder to the insurance company for payment or services covered by the insurance policy.

The amount you must pay on a claim before the insurance company will pay.

A financial product (called an insurance contract or policy) that you buy from an insurance company or organization.

A contract of insurance

The person to whom an insurance policy is issued.

A payment made monthly, twice a year, or yearly, for an insurance policy.

Chance or possibility of injury, damage, or loss that someone may want an insurance policy to cover.

The types of events (losses) that an insurance company would pay for and the amount of money paid for the loss.

In which of the following scenarios will you obligated to pay the least amount of money out-­‐of-­‐pocket for medical expenses?

The insurer's determination that you meet the company's conditions to be insured.