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Terms You Should Know Before You Buy Your First Insurance Policy

1. Claim – A claim is a formal request made by a policyholder to an insurer in order to receive compensation for a covered event.

2. Premium – A premium is an amount of money that an insured pays periodically to the insurer in return of an insurance contract.

3. Waiting Period – Waiting Period is the time period during which an insured cannot claim certain specific benefits for a given insurance policy.

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