| Question | Answer |
| A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. | Insurance
|
Oversees insurance dealing in the state of Utah. | Utah State Insurance Department
| A person who sells insurance for one or more companies. | Insurance Agent
| A person an insurance company hires to settle claims. | Claims Adjuster
| The policyholder or person(s) protected in case of a loss/claim. | Insured
| The insurance company. | Insurer
| A basic requirement for an insurance company to issue a policy. Entities not subject to financial loss from an event cannot purchase an insurance policy to cover that event. | Insurable Interest
| The contract form issued by the company to explain the coverage provided. It is a legal document. | Policy
| Amendments to the policy used to add, change, or delete coverage. Also referred to as a "rider." | Riders/Endorsements
| The price charged for insurance. | Premium
| The amount you agree to pay on each loss before your insurance company pays. | Deductible
| Your request for the insurance company to pay you an amount under the terms of your policy for a covered peril. | Claim
| Generally, a beneficiary is a person who receives benefit from a particular entity (say trust) or a person. | Beneficiary
| An estimate of damages you provide to an insurance company to support your claim. Insurance companies often use this document to figure how much they will pay. | Proof of Loss
| After negotiating, the amount you agree to accept from the insurance company as full payment for your loss. | Settlement
| any act committed with the intent to obtain a fraudulent outcome from an insurance process. | Insurance Fraud |
