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