Claim - A report, usually filed by a customer, describing a loss, and requesting payment from an insurance company.
Copayment - A small payment which the insured person must pay while filling a prescription for medication, while the rest of the cost is covered by insurance.
Deductible - An amount the insured person is required to pay as part of a claim. For example, after a car accident, s/he may have to pay $500, while the insurance company pays the rest of the repair cost beyond that.
Insured Person - The individual(s) covered by an insurance policy.
Loss - 1. Damage to property covered by insurance. 2. Harm to a person which may be covered by his/her own medical insurance, or by someone else's liability insurance.
Premium - The fee paid by the customer for an insurance policy.
Settlement - The amount of money paid out by an insurance company to cover a loss, such as for repair or replacement of damaged property.