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26 Cards in this Set
- Front
- Back
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Insurance |
Protection against possible financial loss |
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Policy |
Contract between an insurance company and a person by which that person joins a risk-sharing group |
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Premium |
A fee for insurance |
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Risk |
The chance of loss or injury |
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Peril |
Anything that may possible cause a loss |
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Hazard |
Anything that increases the likelihood of loss through peril |
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Negligence |
The failure to take ordinary or reasonable care to prevent accidents from happening |
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Deductible |
The set amount that the policyholder must pay per loss on an insurance policy |
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Liability |
Legal responsibility for the financial cost of another person's losses or injuries |
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Homeowners Insurance |
Coverage that provides protection for a residence and its associated financial risks, such as property damage and injuries to others |
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Personal Property Floater |
Additional property insurance that covers the damage or loss of a specific item of high value |
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Medical Payments Coverage |
Coverage that pays the costs of minor accidental injuries to visitors of the policyholder's property |
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Actual Cash Value |
Method for settling claims in which the payment received is based on the replacement cost of an item minus depreciation |
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Replacement Value |
Method for settling claims in which one receives the full cost of repairing or replacing an item |
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Bodily Injury Liability |
Insurance that covers physical injuries caused by a vehicle accident for which one is responsible |
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Uninsured Motorist's Protection |
Insurance that provides coverage for accidents involving an uninsured or hit-and-run driver |
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Property Damage Liability |
Motor vehicle insurance that applies when one damages the property of others |
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Collision |
Insurance that covers damage to one's vehicle when it is involved in an accident |
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No-Fault System |
An arrangement whereby drivers who are involved in accidents collect money from their own insurance companies |
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Assigned Risk Pool |
A group of people who cannot get motor vehicle insurance who are assigned to each insurance company operating in the state |
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Assume |
Take upon yourself |
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Vandalism |
Deliberate destruction to private or public property |
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Appraised |
Evaluated |
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Endorsement |
Addition of coverage to an insurance policy |
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Stiff |
Harsh |
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Mandatory |
Required |
