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25 Cards in this Set

  • Front
  • Back
Risk
chance of loss from some type of danger
Personal
illness, injury, disability, death, result in loss on income, medical or funeral costs
Insurable Interest
financial stake in the life or property being insured
Endorsement
know as riders, attachments to standards standard insurance policy that adds/takes away coverage,
no fault insurance
no fault or blame is assigned in the event of an accident
property
your stuff is damaged, destroyed, stolen
insurance
protection that guarantees to pay you in the event of certain specified losses
policy
the written agreement between the policyholder-the consumer who purchases insurance-and the insurance company
deductible
money that you have to pay before the insurance company will start to pay
liability
protects you incase you are legally responsible for unintentially injuring someone or damage someone else's property
indemnity
restoring financial position to situation before loss occurred
claim
request for payment of a loss
premium
payments insured people make to the insurance company in exchange for coverage
collision coverage
damage to your own vehicle due to traffic accident
comprehensive physical damage coverage
loss or damage to your OWN vehicle due to noncollision cause such as theft, vandalism, fire, hail
liability coverage
injury or damage that you cause to other people or their property
medical payments coverage or personal injury protection
injury to you or your passengers due to a traffic accident
uninsured/underinsured motorist coverage
injury or damage to you, your passengers, or your vehicle caused by a driver without adequate insurance
auto insurance
compensate if your vehicle is stolen or is hit
property insurance
protects possessions during theft, damage, or destruction
health insurance
pays medical bills when you become sick. can include routine checkups.
life insurance
provides financial support for the people who depend on you in the event of your death
liability insurance
protects you incase you are legally responsible for unintentially injuring someone or damage another's property
disability insurance
pays you an income when an illness or injury that prevents you from working
risk management
avoid, reduce, accept, share