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BusLawVocats8.02

QuestionAnswer
A life insurance policy where the premium remains constant and builds a cash value invested by the insurer; a more expensive policy than term Whole life
A life insurance policy where the insured determines how to invest the dollars that accumulate in cash value Variable life
Protects policyholder against drivers without insurance or without enough insurance to cover the loss suffered Uninsured and Underinsured Motorist Protection
An insurance professional who determines whether the insurer will accept the risk and the cost of the policy using risk factors and statistical data Underwriter
An inexpensive life insurance policy, only pays a death benefit if the insured dies during the policy term, and is a pure insurance policy that includes no cash value-cheapest & simplest Term Life
The process of managing one’s exposure to risk Risk Management
The possibility of a financial loss Risk
Self-insurance against a loss. Example deductible, waiting period, copayment Risk Retention
Coverage for tenant’s personal property and premise liability Renters Insurance
Covers the loss of physical property from perils such as fire, theft, windstorm Property Insurance
Protects the insured person against damage by his/her car to another person’s property Property Damage Liability
The money paid to a survivor from a life insurance contract Proceeds
The amount of money the policyholder must pay for insurance coverage Premium
A contract issued by the insurance company for coverage of the policyholder Policy
Covers policyholders and family members against injuries related to vehicle Medical Payments
Covers the loss of or damage to vessels, cargo and other property exposed to the perils of the sea Marine Insurance
Pays a beneficiary a set amount upon the event of the insured person’s death Life Insurance
The insurance company that provides planned protection against economic losses Insurer
The person for whom the risk is assumed (policyholder) Insured
The planned protection provided by sharing economic losses among large numbers of people Insurance
False claims made to an insurance company Insurance Fraud
Businesses that provide planned protection against economic loss - State Farm, Nationwide, Geico, etc. Insurance Company
A financial interest in property or a person’s life that permits someone to buy insurance to protect against the financial loss to that property or death of the person insured Insurable Interest
Protects against most types of property losses and liabilities related to home ownership Homeowners Insurance
A special coverage transferring risk of flood damage Flood Insurance
Requires the responsible driver to pay for any property damage or bodily injury caused in an accident with either compulsory insurance or with savings held for that purpose. Financial Responsibility Law
Insures against a financial loss due to dishonesty Fidelity and Surety Bonds
The policy limit of a life insurance policy Face Amount
Limitations to policy coverage Exclusions
The amount of money the policyholder must pay before the insurance company will pay a claim Deductible
Protects the insured vehicle against almost all damage except the collision or the car turning over. Comprehensive
Protects the car owner against damage from a collision with another object or the car turning over, but does not cover injuries to people Collision
Requests for payment from the insurance company to cover the financial losses Claims
Protects the insured person lawsuits arising from injuries to people in other cars, passengers riding with the insured person, and pedestrians, but does not cover the insured person Bodily Injury Liability
An oral or written statement verifying insurance coverage before the regular policy is issued by the insurance company Binder
Party (individual or business) who receives proceeds from a life insurance claim- primary party Beneficiary
Party (individual or business) who receives proceeds from a life insurance claim when the beneficiary can no longer accept it- secondary party Contingent Beneficiary
Created by: melinda.fornes
 

 



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