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Chapter 19
Far into the furture
| Question | Answer |
|---|---|
| automobile insurance | insurance providing liability and other coverages for the operation of a motor vehicle |
| beneficiary | party for whose benefit a trust is managed; also, recipient of the amount to be paid under an insurance policy |
| casualty insurance | insurance that covers for losses due to accident, chance, or negligence |
| coinsurance | clause in a fire policy that requires the insured to maintain coverage equal to a certain |
| collision insurance | automobile insurance that protects against upset and direct and accidental damage due to colliding with another object |
| comprehensive insurance | insurance that covers against all damage to the insured’s car except that caused by collision or upset |
| endorsements | (also called riders) modifications made to the standard fire policy to eliminate certain risks for coverage |
| exclusions | exceptions to insurance coverage |
| fire insurance | insurance that covers for loss or damage due to fire (and usually smoke as well) |
| grace period | period of time during which an overdue insurance premium can be paid to keep the policy in force |
| indemnify | to make good a loss |
| insurable interest | potential to sustain loss if the insured property is damaged or destroyed or if the insured person is injured or dies |
| insurance | agreement under which one party will pay to offset a loss to another |
| insured | party protected or covered if the loss occurred |
| insurer | party who will indemnify if loss occurs |
| liability insurance | insurance that covers personal injury or property damage claims for which the insured is legally responsible |
| life insurance | insurance that pays to a named beneficiary or the deceased’s estate upon the death of the insured |
| no-fault insurance | insurance that requires that the parties to an automobile accident be covered by their own insurance company, regardless of who is at fault |
| policy | written contract of insurance |
| premium | consideration for insurance contract |
| property insurance | insurance that covers for losses resulting from perils such as fire, theft, or windstorm Protected classes groups that employment law |
| risk | potential loss that is insured against |
Created by:
mnewton250
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