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Some basic vocabulary

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Actual Cash Value   What the automobile is currently worth.  
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Benefit   How much an insurance company pays when a claim is filed.  
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Bodily Injury Liability   Pays medical expenses for injuries to someone else.  
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Claim   A policyholder submits a bill to the insurance company to help pay for covered expenses  
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Collision   This covers damage to your car when you hit something  
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Comprehensive   This covers damage to your car when something hits it.  
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Deductible   What you have to pay before the insurance company pays anything when you need to ask the insurance company for money.  
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Exclusions   Certain events where the insurance company doesn't pay anything.  
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Full Coverage   Your car is covered in the case of an accident when it comes to damage that needs to be repaired.  
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Limits   The largest amount of money your insurance company will pay out for your losses  
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Medical Payments or Personal Injury Protection (PIP)   Covers medical expenses to you and people in your car.  
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No-Fault Insurance   No one driver needs to be identified as the one who caused the accident in order for insurance companies to have to pay out.  
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Property Damage Liability   Pays for damage you do to someone else's property with your car.  
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SR-22   Shows that someone has liability insurance.  
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Premium   The cost of the policy  
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Uninsured Motorist Coverage   This covers medical costs and property damage to you and people in your car when another driver doesn't have any automobile liability insurance.  
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Underinsured Motorist Coverage   When the other person's insurance doesn't pay for all of your medical expenses and damage to your property, your insurance will cover what the other company will not pay.  
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Created by: dlemay
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