Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BusLawVocats8.02
| Question | Answer |
|---|---|
| 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
Popular Business sets