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Math Finance C05-L04

Wirtz Math Finance Chapter 5 Lesson 4

TermDefinition
liable (p238) responsible for damages caused
negligent(p238) At fault for damages caused
automobile insurance (p238) a contract between a driver and an insurance company, where the driver agrees to pay a fee (called a premium) and the company agrees to cover certain accident-related costs when the driver makes a claim (request).
premium (p238) the amount paid for an insurance policy
claim (p238) A request for payment by a driver involved in an accident to an insurance company that provides automobile insurance for the driver.
liability insurance (p238) A type of insurance that covers a person from damages; most states set minimum liability requirements.
bodily injury liability (BI) (p238) Covers bodily injury if a driver is at fault in an accident.
property damage liability (PD) (p238) Insurance coverage that pays for damage a driver causes to another person's property.
uninsured/underinsured motorist protection (UMP) (p238) Coverage that pays for injuries to a driver or passengers caused by a driver who has no insurance or does not heave enough insurance to cover the medical losses.
personal injury protection (PIP) (p239) An added type of insurance coverage mandatory in some states, that pays for any physical injuries that the driver or the passengers sustain while in the vehicle, even if there is no traffic accident.
no-fault insurance (p239) An added type of insurance coverage mandatory in some states, that pays for any physical injuries that the driver or the passengers sustain while in the vehicle, even if there is no traffic accident.
comprehensive insurance (p239) A type of insurance that covers the repair or replacement of parts of an insured car damaged by vandalism, fire, flood, wind, earthquakes, missiles, falling objects, riots, tree sprays, and other disasters; it also covers if the car is stolen.
collision insurance (p239) A type of insurance that pays for the repair or replacement of an insured car if it is damaged in a collision with another vehicle or object, or it it overturns, no matter who is at fault.
car-rental insurance (p239) A type of insurance that pays for part of the cost of a rented car if a car is disabled because of a collision or comprehensive-coverage repair.
emergency road service insurance (p239) A type of insurance coverage that pays for towing or road service when a car is disabled
actuary (p239) A statistician who predicts how many customers will submit claims based on criteria such as age, sex, marital status, driving record, and residence.
surcharge (p239) An extra fee paid to an automobile insurance company for dividing an annual premium into monthly, quarterly, or semiannual payments.
deductible (p240) Part of the repair or damages that a driver has to pay before the insurance company pays.