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Business Law Ch 19
Business Law with UCC Applications Ch 19
| Term | Definition |
|---|---|
| Add-On Coverage | In insurance law, optional coverage, such as personal injury insurance, that allows a driver to receive payments without having to determine fault. |
| Adhession Contracts | A contract drawn by one party that must be accepted on a take-it-or-leave-it basis. |
| Annuity | A guaranteed retirement income. |
| Beneficiary | A third party receiving benefits from a contract made between two other parties. Also, the person named in an insurance policy to receive benefits paid by the insurer in event of a claim. |
| Binder | An oral or writen memorandum of an agreement for insurance intended to provide temporary insurance coverage until the policy is formally accepted. |
| Bodily Injury Liability Insurance | A type of automobile insurance that covers the risk of bodily injury or death to pedestrians and to the occupants of other cars arising from the negligent operation of the insured's motor vehicle. |
| Coinsurance | An insurance policy provision under which the insurer and the insured share costs, after the deductible is met, according to a specific formula. |
| Collision Insurance | A type of automobile insurance that protects the insured's automobile caused by accidental collision with another object or with any part of the roadbed |
| Comprehensive Coverage | A type of automobile insurance that provides protection against loss when the insured's car is damaged or destroyed by fire, lightning, flood, hail, windstorm, riot, vandalism, or theft. |
| Deductible | An amount of any loss that is to be paid by the insured |
| Descriptive Threshold | In insurance law, a guideline that determines when a victim can bring a lawsuit for the injuries that result. |
| Double Indemnity | An optional provision in life insurance policies that provides that the insurer will pay double the amount due to a beneficiary if the insured dies from accidental causes. |
| Fault-Based Insurance | An automobile insurance policy that will measure liability in an automobile accident by the degree of fault that can be assigned to each driver using negligence. |
| Homeowner's Policy | A type of insurance that gives protection for all types of losses and liabilities related to home ownership. Items covered include losses from fire, windstorm, burglary, vandalism, and injuries suffered by others while on the property. |
| Indemnify | To compensate for loss or damage or insure against future loss or damage. |
| Inland Marine Insurance | An insurance contract that covers goods that are moved by land carriers such as rail, truck, and airplane. |
| Insurable Interest | The financial interest that a policyholder has in the person or property that is insured. |
| Insurance | A contract whereby one party pays premiums to another party who undertakes to pay compensation for losses resulting from risks or perils specified in the contract. |
| Insured | A party that is protected by an insurer against losses caused by the risks specified in an insurance policy. |
| Insurer | A party that accepts the risk of loss in return for a premium (payment of money) and agrees to compensate the insured against a specified loss. |
| Life Insurance | An insurance contract that provides monetary compensation for losses suffered by another's death. |
| Limited-Payment Life Insurance | Insurance that provides that the payment will stop after a stated length of times-- usually 10, 20, or 30 years. |
| Medicaid | A health plan for low-income people that is administered by state governments but funded by both state and federal funds. |
| Monetary Threshold | In insurance law, a guideline to determine when a victim can bring a lawsuit for injuries that result from an auto accident. |
| Medicare | A federally funded health insurance program for people 65 years or over who are eligible for Social Security. |
| Medical Payments Insurance | A type of automobile insurance that pays for medical (and sometimes funeral) expenses resulting from bodily injuries to anyone occupying the policyholder's car at the time of the accident. |
| No-Fault Insurance | A type of automobile insurance that allows drivers to collect damages and medical expenses from their own insurance carriers regardless of who is at fault in an accident. |
| Ocean Marine Insurance | A type of insurance that covers ships at sea. |
| Ordinary Life Insurance | Insurance that requires the payment of premiums throughout the life of the insured and pays the beneficiary the face value of the policy upon the insured's death. |
| Personal Injury Potection (PIP) | Automobile insurance that places limitations on the insured's ability to sue other drivers but allows drivers to collect damages and medical expenses from their own insurance carriers, regardless of who is at fault. |
| Policy | the contract of insurance |
| Premium | The consideration paid by the insurer for the insurance protection. |
| Property Damage Liability Insurance | A type of automobile insurance that provides protection when other people bring claims or lawsuits against the insured for damaging property such as a car, a fence, or a tree. |
| Renter's Insurance | An insurance policy that provides tenants against loss of personal property, against liability for a visitor's personal injury, and against liability for negligent destruction of the rented premises. |
| Straight Life Insurance | Insurance that requires the payment of premiums throughout the life of the insured and pays the beneficiary the face value of the policy upon the insured's death. |
| Subrogation | The right of one party to substitute itself for another party. |
| Substitute Transportation Insurance | Insurance that reimburses the insured up to specific limits for transportation cost while a car is undergoing repairs. |
| Term Insurance | Insurance that is issued for a particular period, usually five or ten years. |
| Threshold | |
| Threshold Guideline | In insurance law, guidelines that determine when victims can bring a lawsuit for injuries that result form an auto accident. |
| Time-Based Threshold | In insurance law, a threshold ascertained by measuring the time that the victim has been incapacitated. |
| Towing and Labor Insurance | Insurance that reimburses up to specified limits for towing and labor charges whenever a car breaks down, whether or not an accident is involved. |
| Underinsured-Motorist Insurance | Insurance that provides protection against the risk of being injured by an underinsured motorist. |
| Uninsured-Mortist Insurance | A type of automobile insurance that provides protection against the risk of being injured by a motorist who does not have insurance. |
| Universal Life Insurance | A form of straight life insurance that allows the policy owner flexibility in choosing and changing terms of the policy. |
| Whole Life Insurance | Insurance that requires the payment of premiums throughout the life of the insured and pays the beneficiary the face value of the policy upon the insured's death. |
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dengler
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