The person who has the right to all privileges under the contract of insurance and controls the policy. Generally, the owner and the insured are the same person.

A request to an insurance company for recovery for a loss.

The failure to use reasonable care, which may result in injury or damage to people or property.

A type of tax-qualified retirement savings account, offered through an employer, into which employees can put a percentage of earned wages.

An education savings plan, sponsored by a state or institution, designed to help families set aside funds for future college costs. Any earnings in a 529 college savings plan are tax-deferred.

An unforeseen event or circumstance that may result in damage or injury.

An added rider to some life insurance policies that pays upon the named insured's death, but only if that death is caused by an accident. If the named insured dies from natural causes, there is no coverage under this rider.

A program offered by some insurance companies in which customers may not lose a discount or incur an accident surcharge following an at-fault accident.

Usually having to do with terminal illness or catastrophic circumstances, this feature allows access to a portion of a life insurance policy's death benefit, or payout.

A professional who analyzes historical data, statistics and other facts to estimate future risk.