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Beneficiary: The beneficiary is the person or entity designated to receive the insurance payout in case of the insured event occurring. For example, in life insurance, the beneficiary is typically a family member or loved one. Deductible: The deductible is the amount of money the policyholder must pay out of pocket before the insurance company starts covering the costs. High deductibles often lead to lower premiums. Claim: When a loss or covered event occurs, the policyholder can file a claim with the insurance company to request compensation or benefits according to the terms of the policy. Underwriting: The process by which insurance companies assess the risk associated with insuring a particular individual or entity. This assessment determines the premium cost.

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