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Chaper 14
Term | Definition |
---|---|
Appraisal | An expert's determination of the value of a piece of property |
Claim | Formal request made to an insurance company for payment for a loss |
Deductible | The amount you pay off a number of smaller loans |
Liability Insurance | Insurance that protects you from losses that you cause others |
Market Value | Amount an item is worth now |
Policy | Insurance contract |
Premium | Regular payment required to purchase insurance |
Rider | Special addition to an insurance policy that covers a specific loss not covered in the standard policy |
Umbrella Policy | Insurance that provides additional liability protection beyond that in an automobile or homeowner's policy |