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19 vocab
| Term | Definition |
|---|---|
| automobile insurance | legal contract that provides financial protection against losses resulting from traffic accidents, theft, or other vehicle-related incidents. |
| beneficiary | individual, charity, or entity designated to receive assets, money, or property from a will, trust, or insurance policy upon the owner’s death. They differ from benefactors (donors/givers) as the recipient of benefits |
| casualty insurance | liability coverage that protects individuals and businesses from financial loss if they are found legally responsible for causing bodily injury or property damage to a third party |
| coinsurance | your share of the costs of a covered health care service, calculated as a percentage (e.g., 20%) of the allowed amount, paid after you meet your deductible. |
| collision insurance | optional auto insurance component that pays to repair or replace your vehicle after an accident, regardless of fault. It covers collisions with other cars, objects (trees, poles), rollovers, and potholes. |
| comprehensive insurance | optional car insurance coverage that pays for damage to your vehicle caused by non-collision events, such as theft, vandalism, fire, hail, floods, or hitting an animal |
| endorsement | an act of giving one's public approval or support to someone or something. |
| exclusion | the act of keeping someone or something out, preventing participation, or omitting them from a group or consideration |
| fire insurance | type of property insurance, typically included in standard homeowner policies, that covers damages to a dwelling and personal belongings caused by fire |
| grace period | A grace period is a set time after a payment due date—typically 21–30 days for credit cards or 10–30 days for loans/insurance—during which you can pay without penalties, fees, or interest charges. |
| indemnify | to compensate a party for damages, losses, or expenses incurred, or to protect them against future liability. |
| insurable interest | fundamental legal requirement where a policyholder must experience direct financial loss or hardship from the damage, loss, or death of the person or property insured |
| insurance | financial tool used for risk management to protect against financial loss. In an insurance transaction, a policyholder pays a relatively small, guaranteed fee—known as a premium— |
| insured | a person, business, or entity covered by an insurance policy, protecting them against potential financial losses, injuries, or property damage |
| insurer | is a company or entity that provides financial protection by assuming risks in exchange for premiums. They underwrite policies, evaluate risks, and pay claims for losses. I |
| liability insurance | protects you or your business from financial loss if found legally responsible for causing bodily injury or property damage to third parties. It covers legal defense costs, medical expenses, and settlements, |
| life insurance | a contract where an insurer provides a financial death benefit to beneficiaries if the policyholder dies, usually costing from hundreds to thousands of dollars annually based on age, health, and coverage amount |
| no fault insurance | auto insurance policy type where your own insurer covers medical expenses, lost wages, and other damages after an accident, regardless of who caused it. It is mandatory in 18 states, aims to reduce litigation, and typically does not cover vehicle damage |
| policy | a deliberate system of principles, rules, or plans of action intended to guide decisions, manage behavior, and achieve rational outcomes |
| premium | the amount of money an individual or business pays regularly—monthly, quarterly, or annually—to an insurance company to keep a policy active and maintain coverage |
| property insurance | provides financial reimbursement to owners or renters for damage to structures and personal belongings caused by perils like fire, theft, or severe weather. It includes homeowners, renters, |
| risk | a comprehensive insurance policy that protects against any direct physical loss or damage to property, excluding only perils specifically listed in the policy |
Created by:
LJaymz