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Chapter 22

Home and Motor Vehicle Ins.

TermDefinition
insurance protection against possible financial loss
policy contract between an insurance company and a person by which that person joins a risk-sharing group
premium a fee for insurance
risk the chance of loss or injury
peril anything that may possibly cause a loss
hazard anything that increases the likelihood of loss through peril
negligence the failure to take ordinary or reasonable care to prevent
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
homeowners insurance coverage that provides protection for a residence
personal property floater additional property insurance that covers the damage or loss of a specific item of high value
medical payments coverage coverage that pays the costs of minor or accidental injuries to visitors of the policyholder's property
actual cash value method of settling claims in which the payment received is based on the replacement cost of an item minus depreciation
bodily injury liability insurance that covers physical injuries caused by a vehicle accident for which one is responsible
uninsured motorists protection insurance that provides coverage for accidents involving an uninsured or hit and run driver.
property damage liability motor vehicle insurance that applies when one damages the property of others
collision insurance that covers damage to one's vehicle when it is involved in an accident
no-fault system an arrangement whereby drivers who are involved in accidents collect money from their own insurance company
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: kshall