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A temporary agreement that provides coverage until a policy is issued
Binder
The amount you must pay before the insurance company pays the rest
Deductible
The written contract of insurance
Policy
decrease in value due to age, wear, or damage
Depreciation
A person who makes a claim for recovery
claimant
The maximum amount an insurance policy will pay
Policy Limit
A licensed person who sells insurance on behalf of a company
Agent
Insurance that pays beneficiaries upon the death of the insured
Life Insurance
The cause of a possible loss, such as fire or theft.
Peril
A period that must pass before coverage begins.
Waiting Period
Coverage for damage to your vehicle from events like fire or theft
Comprehensive
The termination of an insurance policy before its end date
Cancellation
A person hired to find insurance on your behalf
Broker
The amount paid to a beneficiary when the insured dies
Face Amount
A request for payment under an insurance policy
Claim
The cost you pay for insurance coverage
Premium
