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