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26 Cards in this Set
- Front
- Back
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Insurance
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protection against possible financial loss
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Policy
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insurance company agrees to take risk on the policyholder
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Premium
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a fee for insurance
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Risk
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chance of loss or injury
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Peril
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anything that may cause a loss
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Hazard
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anything that increases the likelihood of loss through peril
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Negligence
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failure to take ordinary or reasonable care to prevent accidents
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Assume
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take upon yourself
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Deductible
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the set amount that the policyholder must pay per loss on an insurance policy
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Liability
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legal responsibility for financial cost of another persons losses or injuries
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Vandalism
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Deliberate destruction of private or public property
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Homeowners insurance
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coverage that provides protection for your residence and its associated financial risks
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Personal Property floater
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additional property insurance that covers the damage or loss of a specific item of high value
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Appraised
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Evaluated
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Medical payments coverage
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Pays the costs of minor accidental injuries to visitors on their property
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Endorsement
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Addition of coverage
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Actual cash value
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the payment you receive is based on the replacement cost of an item minus depreciation
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replacement value
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Method for settling claims
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Bodily injury liability
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insurance that covers physical injuries caused by a vehicle accident for which your are responsible
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Uninsured motorists protection
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insurance that covers your family and you against accidents
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property damage liability
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motor vehicle insurance that applies when you damage the property of others
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Collision
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insurance that covers damage to your vehicle when it is involved in an accident
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No fault system
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An arrangement whereby drivers who are involved in accidents
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Assigned risk pool
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a group of people who cannot get motor vehicle insurance
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Mandatory
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required
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Stiff
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Harsh
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