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28 Cards in this Set
- Front
- Back
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Financial responsibility law |
Protect the public from financial loss caused by drivers |
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Compulsory insurance laws |
Do not allow drivers to register a car or get a license without proof of required insurance coverage |
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Personal injury coverage |
Included bodily injury, medical payments, and uninsured motorist protection |
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100/300 |
First number refers to the limit in thousand dollars that the insurance company will pay got injuries to any one person in an accident. Second number I'd the maximum amount that the company would pay for injuries to multiple people because of the accident |
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Medical payments coverage |
Policyholders and family members are covered if they are injured while riding in their car of another car |
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Uninsured motorist protection |
Available to people who carry bodily injury liability insurance |
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Underinsured motorist coverage |
Insure you for losses caused by another driver who's coverage is insufficient |
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Property damage liability |
Insurance that protects a driver against claims if the insureds car damages someone else's property and the insured is at fault |
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Collision coverage |
Protects a car owner against financial loss resulting from a collision or rollover |
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Deductible |
Collision coverage is usually written within a deductible clause |
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Comprehensive coverage |
Protects against almost all damage losses except those caused from a collision or rollover |
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No fault insurance |
People injured in an automobile accident collect for their financial losses from their own insurance company no matter who is at fault |
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Factors that influence insurance costs |
-age & accident record, marital status, academics, credit rating - what you use your car for - how many miles you drive a year - value & type of car - community you live in - amount of coverage and deductibles |
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Property insurance |
Protects from financial loss or destroyed property |
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3 economic loss property insurance covers |
-damage to home or property - expenses you must pay to live somewhere else if your home is damaged and must be repaired or rebuilt- liability losses related to your property built- liability losses related to your property - liability losses related to your property |
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Additional living expenses |
Property insurance includes coverage for additional living expenses. Helps pay for the living costs you would deal with if your home was damaged |
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Personal liability coverage |
Covers claims from injuries to people or damage to property caused by you, your family, pets |
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Home owners policy |
Provides a convenient package policy designed to insure homes and property. Most common form of home and property insurance |
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Depreciation |
Decrease in value |
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Beneficiary |
Person named in the policy to receive the insurance benefits |
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Permanent life insurance |
Cash value and investment feature. |
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Term life insurance |
Protection from losses resulting from a death during a definite period or term |
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Surgical insurance |
Covers all or part of the surgeon fees for an operation |
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Hospital insurance |
Usually pays for most or all of the hospital charges |
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Regular medical insurance |
Covers fees for nonsurgical care given in the doctor's office , patient home, or a hospital |
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Major medical insurance |
Protection against the high costs of serious illnesses of injuries |
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Coinsurance |
Sharing of expenses by the policy holder and the insurance company |
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Disability income insurance |
Protects you against the loss of income caused by long illness or accident |
