Financial Vocabulary

#381

Premium

Example sentences

1. He pays a monthly premium for health insurance.
2. The premium increased after the policy was renewed.
3. A higher deductible may lower the premium.

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#382

Deductible

Example sentences

1. The car insurance has a $500 deductible.
2. She paid the deductible before the insurer paid the rest.
3. A larger deductible can reduce the monthly premium.

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#383

Copayment

Example sentences

1. He paid a $20 copayment at the clinic.
2. The insurance plan requires a copayment for each visit.
3. Her copayment is lower for a regular doctor.

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#384

Coinsurance

Example sentences

1. The plan requires 20% coinsurance after the deductible.
2. She paid her coinsurance share of the hospital bill.
3. Coinsurance divides the cost between the patient and insurer.

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#385

Claim

Example sentences

1. She filed a claim after the car accident.
2. The insurer reviewed the claim within five days.
3. Photos helped support the insurance claim.

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#386

Beneficiary

Example sentences

1. His daughter is the beneficiary of the life policy.
2. The beneficiary received the insurance payment.
3. She changed the beneficiary after getting married.

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#387

Underwriting

Example sentences

1. The insurer completed underwriting before offering the policy.
2. Underwriting helps the company study the level of risk.
3. The applicant provided health information during underwriting.

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#388

Actuary

Example sentences

1. The actuary calculated the expected cost of claims.
2. An actuary uses data to study risk.
3. The insurance company hired a new actuary.

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#389

Risk pool

Example sentences

1. The insurance company places many customers in one risk pool.
2. A large risk pool spreads costs across many people.
3. Healthy and sick members may share the same risk pool.

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#390

Exclusion

Example sentences

1. The policy has an exclusion for flood damage.
2. He read every exclusion before buying the insurance.
3. Because of the exclusion, the insurer did not pay the claim.

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#391

Policy limit

Example sentences

1. The policy limit for property damage is $100,000.
2. The insurer will not pay more than the policy limit.
3. She chose a higher policy limit for better protection.

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#392

Liability insurance

Example sentences

1. The driver has liability insurance for damage to others.
2. Liability insurance paid the injured person's medical bill.
3. The business bought liability insurance before opening.

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#393

Property insurance

Example sentences

1. Property insurance covered the fire damage.
2. The owner bought property insurance for the building.
3. Property insurance may cover theft and storms.

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#394

Life insurance

Example sentences

1. He bought life insurance to protect his family.
2. Life insurance can pay money after the insured person dies.
3. The family reviews its life insurance needs regularly.

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#395

Term life insurance

Example sentences

1. She bought term life insurance for 20 years.
2. Term life insurance usually costs less than whole life insurance.
3. The term life insurance ends when the agreed period finishes.

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#396

Whole life insurance

Example sentences

1. He chose whole life insurance for lifelong coverage.
2. Whole life insurance may build cash value.
3. The premium for whole life insurance is often higher.

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#397

Health insurance

Example sentences

1. Her employer provides health insurance.
2. Health insurance helped pay the hospital bill.
3. He compared health insurance plans before choosing one.

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#398

Disability insurance

Example sentences

1. Disability insurance replaced part of her income.
2. He bought disability insurance in case he could not work.
3. The policy explains when disability insurance payments begin.

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#399

Reinsurance

Example sentences

1. The insurer bought reinsurance for very large losses.
2. Reinsurance helps insurance companies share risk.
3. The storm caused a major payment under the reinsurance agreement.

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#400

Indemnity

Example sentences

1. The policy provided indemnity for the covered loss.
2. Indemnity aims to return the customer to the earlier financial position.
3. The contract includes an indemnity for legal costs.

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