Insurance Law: Terms and Definitions, Exams of Nursing

Download Insurance Law: Terms and Definitions and more Exams Nursing in PDF only on Docsity! Insurance Law Questions And Answers annuity - CORRECT ANSWERS✅ guaranteed retirement that is purchased by paying either a lump-sum premium or making periodic payments to an insurer binder - CORRECT ANSWERS✅ offers temporary protection until a policy is issued cash value - CORRECT ANSWERS✅ amount of money a person can take by either borrowing against or cashing in an insurance policy coinsurance - CORRECT ANSWERS✅ provision that limits your liability for a loss if the property is not insured for its full replacement value endowment insurance - CORRECT ANSWERS✅ provides protection for a stated, time, generally 20 to 30 years face value - CORRECT ANSWERS✅ amount of protection stated in a life insurance policy; the amount of money a beneficiary would receive if the insured died fire insurance - CORRECT ANSWERS✅ insurance policy that covers loss resulting directly from an unfriendly or hostile fire Insurance Law Questions And Answers floater policy - CORRECT ANSWERS✅ insures property that cannot be covered by specific insurance because it is constantly changing in value or location homeowner's insurance - CORRECT ANSWERS✅ protects against most types of losses and liabilities related to home ownership inland marine insurance - CORRECT ANSWERS✅ coverage for goods that are moved by land carriers insurable interest - CORRECT ANSWERS✅ a person's right to take out insurance on another person because that person can show he or she would suffer financial loss or hardship in the event of the death of the insured insurance - CORRECT ANSWERS✅ contract under which, for consideration, the insurance company agrees to compensate the insured for a specific loss insured - CORRECT ANSWERS✅ person whose life or property is insured who may or may not be the policyholder insurer - CORRECT ANSWERS✅ company that agrees, for a consideration, to compensate the insured for a specific loss