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Unit 13 Insurance

TermDefinition
Insurance protection against possible financial loss
Policy A contract that shared the risks with an insurance company
Premium A fee for insurance
Risk The chance of loss or injury
Peril anything that may cause a loss
Hazard anything that increases the likelihood of a loss through peril
Negligence the failure to take ordinary or reasonable care to prevent accidents from happening
deductible the set amount that the policyholder must pay per loss on an insurance policy
liability legal responsibility for the financial cost of another person's losses or injuries
homeowner's insurance coverage that provides protection for your residence and its associated financial risks
Personal property floater additional property insurance that specifically covers the damage or loss of items with high value
medical payments coverage pays the cost of minor accident injuries to visitors on your property
actual cash value the payment you receive is based on the replacement cost of an item minus depreciation
replacement value you receive the full cost of repairing or replacing an item
bodily injury insurance insurance that covers physical injury caused by a vehicle accident for which you are responsible for
uninsured motorist's protection insurance that covers you and your family members if involved in an accident with an uninsured or hit-and-run driver
property damage liability motor vehicle insurance that applies when you damage the property of others
collision insurance insurance that covers damage to your vehicle when it is involved in an accident
no-fault system an arrangement whereby driver who are involved in accidents collect money from their own insurance companies
assigned risk pool a group of people who cannot get motor vehicle insurance who are assigned to each insurance company operating in the state
Created by: s165591
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