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Vocab Unit 8
| Financial Responsibility Law | requires vehicle owners to prove they can pay for damages or injury caused by an automobile accident |
| Body Injury Liability | insurance that protects the insured against claims or lawsuits for death or injury caused by negligence |
| Medical payments Insurance | pays for medical and sometimes funeral expenses resulting from bodily injury to anyone occupying the policyholder’s car in an accident |
| Uninsured Motorist | a driver who does not have insurance |
| Underinsured motorist Insurance | insurance that provides protection when the insured is injured in an automobile accident that is caused by a driver who has no insurance |
| Property damage liability Insurance | insurance that applies when a person damages the property of others, including such things as another car, a house, a telephone pole, or a tree |
| Collision Insurance | insurance that covers damage to a vehicle when it is in a n accident, regardless of who was at fault |
| Comprehensive Insurance | insurance that covers damages to a vehicle from sources other than collision, including, fire, theft, lightning, flood, hail, windstorm, riot, and vandalism. |
| No Fault Insurance | regardless of who caused the accident, all drivers involved collect money from their own insurance companies |
| Property Insurance | contract in which the insurer promises, for a stated premium, to pay a sum of money if a particular piece of real estate is damaged or destroyed |
| Binder | offers temporary protection until a policy is issued |
| Floater policy | policy that insures property that cannot be covered by specific insurance because it is constantly changing in value and location |
| Homeowner’s Insurance | a type of insurance policy that protects against most types of losses and liabilities related to home ownership, including fire, windstorm, vandalism, burglary, and injuries suffered by other persons while on the property |
| Renter’s Insurance | protects a person against loss of personal property, liability for a visitor’s personal injury, and liability for negligent destruction of the rented premises |
| Fire Insurance | a type of insurance policy that covers loss resulting directly from an unfriendly or hostile fire |
| Coinsurance | provision in an insurance policy that limits your recovery for a loss if the property is not insured for its full replacement value |
| Ocean Marine Insurance | insurance coverage for ships at sea |
| Inland marine Insurance | insurance coverage for goods that are moved by land carriers such as trains, trucks, and airplanes |
Created by:
everettc1
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