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19 law
| Term | Definition |
|---|---|
| automobile insurance | a contract between you and an insurance company that protects you against financial loss if you are involved in an accident or your car is damaged |
| beneficiary | a person or entity legally designated to receive assets or financial benefits |
| casualty insurance | a broad category of coverage that primarily protects individuals or organizations against legal liability for causing accidents |
| coinsurance | the percentage of costs you pay for a covered medical service after you have met your annual deductible |
| collision insurance | an auto policy add-on that pays to repair or replace your vehicle if it is damaged in a crash with another vehicle or a stationary object |
| comprehensive insurance | covers damage to your vehicle from events outside of your control, such as theft, vandalism, extreme weather, fires, and animal collisions |
| endorsements | a public declaration of support, an authorizing signature on a document, or an amendment to an insurance policy |
| exclusions | the act of deliberately leaving out or denying access to someone or something |
| fire insurance | a type of property insurance that specifically covers losses and damages caused by fire |
| grace period | a set amount of time after a deadline during which you can fulfill an obligation |
| indemnify | to compensate someone for a loss or to secure them against future financial damages |
| insurable interest | a fundamental legal principle that requires you to have a legitimate, tangible stake in whatever you are insuring |
| insurance | a contract in which an individual or business pays a regular fee to an insurance company |
| insured | the person, organization, or property protected by an insurance policy |
| insurer | a company or entity that underwrites risks and provides financial protection in the form of an insurance policy |
| liability insurance | protects you financially if you are found legally responsible for accidentally injuring others or damaging their property |
| life insurance | a contract where an insurance company pays a designated tax-free lump sum |
| no fault insurance | an auto policy where your own insurance covers your medical expenses |
| policy | a deliberate course of action, guiding principle, or official set of rules adopted by a government |
| premium | a sum paid over and above a standard value or price |
| property insurance | policies that protect physical structures and personal belongings from damage or theft |
| risk | the probability or potential for loss, danger, or injury |
Created by:
Mshaw27