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Insurance
Essential Terms
| Term | Definition |
|---|---|
| Bodily Injury Liability | Pays damages for bodily injury or death resulting from an accident for which you are at fault and in most cases provides you with a legal defense. This coverage is subject to the terms, limits and conditions of your policy contract. |
| Collision Coverage | Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. This coverage is subject to the terms, limits and conditions of your policy contract. |
| Uninsured Motorist | Pay for your injuries or property damage caused by an uninsured motorist oran unidentified driver. t also includes coverage for underinsured motorists and at-fault drivers with insufficient insurance to pay your claim. |
| Premium | The price of the insurance policy that the insured pays in exchange for insurance coverage. |
| Property Damage Liability | Pays for damage to someone else's property resulting from an accident for which you are at fault and in most cases provides you with a legal defense. This coverage is subject to the terms, limits and conditions of your policy contract. |
| Deductible | The portion of a claim you pay out of pocket. Choosing a higher deductible will lower your insurance premiums. |
| No-fault Insurance | May pay for your medical treatment, lost wages, or other accident-related expenses regardless of who caused the accident. This coverage is subject to the terms, limits and conditions of your policy contract and is not available in all states. |
| Policy | A contract between you and the insurance company. |
| Claim | Any request or demand for payment under the terms of the insurance policy. |
| Medical Payments | Pays medical expenses related to an automobile accident. This coverage is subject to the terms, limits and conditions of your policy contract. |
| Comprehensive Physical Damage Coverage | Pays for damage to your car from theft, vandalism, flood, fire or other covered perils. This coverage is subject to the terms, limits and conditions of your policy contract. |
| Liability Insurance | Insurance that provides protection from claims arising from injuries or damage to other people or property. |
| Rider | In motorcycle insurance, a rider is someone who will operate the insured motorcycle. In life and health insurance, the term 'rider' is often used to refer to an endorsement to an insurance policy. |
| Homeowner’s Policy | Protects homeowners from losses to their homes, personal property, and some types of damage or injury to others for which the homeowner is liable. Homeowners insurance is subject to the terms, limits and conditions of your policy contract. |
Created by:
jtennantgoc
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