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22 Cards in this Set
- Front
- Back
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insurance
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paid protection against losses due to injury or property damage
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policy
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a contract between an insurance company and policyholder
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liability insurance
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protects you from claims of injury or property damage to others in case you're held responsible for an accident
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actual cash value
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the value of the car when it's new minus depreciation
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depreciation
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the decline in value of a vehicle because of use
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financial responsibility law
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syas you must pay for any damage or injury you cause in an accidnet either with insurance, with savings, or by selling property
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compulsory insurance law
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legally requires drivers to have a minimum amount of car insurance
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no fault insurance
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it doesnt matter who caused the acident and requires drivers involved in accidents to collect damages from their own insurance companies
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claim
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a request for payment from an insurer for any damages covered by a policy
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premium
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the amount an insurance company charges a policyholder for an insurance policy
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deductible
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an amount in damages a policyholder must pay before the insurance company pays anything
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property insurance
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you can protect yourself from financial loss on your property
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real property
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property attached to land, like a house, business, or garage
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personal property
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possessions that can be moved, like furniture, jewelry, and electronic equipment
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renter's insurance
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covers any loss or damage to your personal possessions
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standard fire policy
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to insure against damage due to fire or lightning
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extended coverage
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protects against damage from riots, car or airplane crashes, windstorms, hail, explosions, and roberies.
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homeowners policy
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a combination policy with different kinds of home protection
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eleven perils
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the most common causes of property damage-
fire/lightning, loss of property removed from permises endangered by fire or other perils, windstorm/hail, explosion, riot/civil commotion, aircraft, vehicles, smoke, vandalism/malicious mischief, theft, and breakage of glass constituting part of a building |
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6 standard homeowner policies
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HO-1 Basic Form *least expensive*
HO-2 Broad Form *most popular* HO-3 Special Form *max protection* HO-4 Renter's Form *most comprehensive* HO-5 Comprehensive Form(All Risks Policy) HO-6 Condominium Owner's Form |
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rider
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an addition to a policy that covers specific property or damages
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replacement value
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the full cost of repairing or replacing the property, regardless of the depreciation value
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