Insurance Policy Features and Provisions Quiz

Provides coverage for a set term and pays a death benefit if the insured dies during that period.

The duration a policyholder must wait before being eligible to make a claim.

It is the current market value of damaged property, considering depreciation.

It offers protection against legal claims for injury or property damage caused by the insured.

It's the heightened risk of loss resulting from the policyholder's unethical actions.

It's the accumulating savings component in a whole life insurance policy.

A set fee paid by the policyholder for a covered healthcare service, typically paid at the time of service.

The insurer's right to seek reimbursement from a third party responsible for the loss to the insured.

A timeframe allowing the policyholder to reinstate a lapsed policy without a medical exam.

An additional provision attached to a policy to alter or enhance its coverage.

It involves sharing the costs of healthcare expenses between the policyholder and the insurance company.

It's the initial amount the policyholder must pay before insurance coverage takes effect.

It's a shared cost between the insured and insurer, with the policyholder paying a specified amount before coverage kicks in.

Protects against non-collision damages to the insured vehicle, such as theft, vandalism, or natural disasters.

The assessment and evaluation process of the risk involved in insuring an individual or property.

It allows for the addition, deletion, or modification of coverage within an insurance policy.

Their role is to evaluate and investigate insurance claims, determining the extent of coverage and compensation.

It's a provision specifying limits or exclusions for coverage of certain risks in the policy.

It involves transferring a part of the risk from one insurance company to another.