Demystifying Insurance Crossword Puzzle

QUESTIONS LIST:

• burglary : unauthorized or unforeseen entries to or exists from the premises covered under the insurance through detetctable and aggressive methods with the primary intent of stealing the contents contained therein.
• deductible : proportion of loss borne by the insured towards any claim; two forms; amount of excess is mentioned as fixed amount or percent of sum assured or amount of the claim and time excess under which the insured is not entitled to any claim during the stated period found within the policy document.
• hospitalization : admission of the patient in nursing home or hospital for treating injury, disease, illness, or sickness.
• renewal : continuance of the cover under an insurance policy beyond the original term through the acceptance of the premium for new policy form by the insurance company.
• reinstatement : resumption of the cover under an insurance policy that has lapsed
• claimant : person seeking reimbursement for any loss covered under the terms and conditions of the insurance policy.
• good faith : basic insurance principle, assured and her/his broker must disclose and truly represent all material facts to the underwriters before accepting the risk; breach of good faith entitles the insurers to avoid the contract.
• salvage : property partially saved from damage or loss; compensation paid for delivering salvage services under some contract.
• subrogation : legal procedure whereby insurance company after paying for the losses can seek recovery of the amount from another party that is legally liable
• broker : marketing expert representing property buyers and liability insurance dealing with agents or insurance companies to arrange for coverage required by the clients.