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Chaper 14

TermDefinition
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
Created by: Ortizj41