Homesaver Direct Insurance Glossary - I
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Indemnity
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Any insurance policy that protects the
policyholder
so he/she will be in the same position financially after a risk occurs than before.
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Insurance
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A service that offers protection (usually in the form of money or
replacements) for something in return to paying an amount of money every
year. Effectively provides peace-of-mind againt prospective dangerous
events.
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Insurance Company
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The company that protects the
policyholder
should a financially damaging event occur. Effectively, the company that
provides the insurance service.
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Insurance Premium Tax
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A tax, payable to the Government, that is levied on certain insurance
policies.
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Insured
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The individual that is protected with an insurance policy. Synonomous
with policyholder.
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Intermediary
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The party that arranges the negotiation of policies between an insurance
company and their clientele.
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