protection against possible financial loss

a risk-sharing business that agrees to pay for losses that may happen to someone it insures

also known as an insurance company

a contract between a policyholder and the insurer

the purchaser of an insurance policy

the fee a policyholder pays the insurer for coverage

the protection provided by the terms of an insurance policy

the people protected by the policy

anything that may cause a loss, like wind, fire, storms, etc.

anything that INCREASES the likelihod of loss through some peril

the failure to take ordinary or reasonable care to prevent accidents from happening

the set amount that the policyholder must pay per loss on an insurance policy

requests for payment to cover financial losses

legal responsibility for the financial cost of another person's losses or injuries

coverage that provides protection for your residence and its associated financial risks

a list or other documentation with purchase dates and cost information of property

additonal property insurance that covers he damage or loss of a SPECIFIC item of high value

also called a personal catastrophe policy, supplements (additional to) your your basic liability coverage.

medical payments coverage

pays the costs of minor accidental injuries to visitors on your property

addition to coverage, like earthquake insurance

the payment you receive is based on the replacement cost of an item minus depreciation

you receive full cost of reprairing or replacing an item

financial responsibility law

a law that requires drivers to prove that they can pay for damage or injury caused by an auto accident

bodily injury liability

isurance that covers physical injuries caused by a vehicle accident for which you were responsible

medical payments coverage

insurance that applies to the medical expenses of anyone who is injured in your vehicle, including you.

uninsured motorist's protection

insurance that covers you and your family members if you are involved in an accident with an uninsured or hit and run driver

property damage liability

motor vehicle insurance that applies when you damage the property of others

insurance that covers damage to your vehicle when it is involved in an accident

all the people who can't get motor vehicle insurance and are assigned to different insurance agencies within the state

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Per Fi Ch. 13 terms

Insurance for Home and Motor Vehicle Terms

Question	Answer
Insurance	protection against possible financial loss
insurance company	a risk-sharing business that agrees to pay for losses that may happen to someone it insures
insurer	also known as an insurance company
policy	a contract between a policyholder and the insurer
policyholder	the purchaser of an insurance policy
premium	the fee a policyholder pays the insurer for coverage
coverage	the protection provided by the terms of an insurance policy
insured	the people protected by the policy
risk	the chance of loss or injury
peril	anything that may cause a loss, like wind, fire, storms, etc.
hazard	anything that INCREASES the likelihod of loss through some peril
negligence	the failure to take ordinary or reasonable care to prevent accidents from happening
deductible	the set amount that the policyholder must pay per loss on an insurance policy
claims	requests for payment to cover financial losses
liability	legal responsibility for the financial cost of another person's losses or injuries
homeowners insurance	coverage that provides protection for your residence and its associated financial risks
household inventory	a list or other documentation with purchase dates and cost information of property
porperty floater	additonal property insurance that covers he damage or loss of a SPECIFIC item of high value
umbrella policy	also called a personal catastrophe policy, supplements (additional to) your your basic liability coverage.
medical payments coverage	pays the costs of minor accidental injuries to visitors on your property
endorsement	addition to coverage, like earthquake insurance
actual cash value	the payment you receive is based on the replacement cost of an item minus depreciation
replacement value	you receive full cost of reprairing or replacing an item
financial responsibility law	a law that requires drivers to prove that they can pay for damage or injury caused by an auto accident
bodily injury liability	isurance that covers physical injuries caused by a vehicle accident for which you were responsible
medical payments coverage	insurance that applies to the medical expenses of anyone who is injured in your vehicle, including you.
uninsured motorist's protection	insurance that covers you and your family members if you are involved in an accident with an uninsured or hit and run driver
property damage liability	motor vehicle insurance that applies when you damage the property of others
collision	insurance that covers damage to your vehicle when it is involved in an accident
assigned risk pool	all the people who can't get motor vehicle insurance and are assigned to different insurance agencies within the state

Created by: Mrs. Sutherland

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