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26 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is Homeowner's insurance?
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is the coverage for your place of residence and its associated financial risks such as damage to personal property and injury to others.
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What is a liability?
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is legal responsibility for the financial cost of another person's losses or injury.
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What is negligence?
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failure to take ordinary or reasonable care.
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doing something in a careless manner.
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What is a personal property floater?
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covers the damage or loss of a specific item of high value. A floater requires a detailed description of the item and periodic appraisal. protects the item wherever it is located.
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Household inventory
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a list or documentation of perosnal belonging with purchase dates and cost information
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Umbrella policy
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is a way to obtain increaded liability insurance.
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renters insurance
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includes personal property protection , additional living expenses covrage, and personal liability and related coverages
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What is replacement value?
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a method for settling claims you receive the full cost of repairing or replacing a demaged or lost item; depreciation is not considered. rv costs about 10-20% more that ACV does.
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Actual Cash Value
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this is based on the CURRENT replacement cost of a damaged or lost item. Depreciation and old ness of item are taken into account.
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deductible
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an amount the insured must pay before benifits become payable by the insurance company.
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no fault insurance
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drivers involved in accidents recieve medical expensess, lost wages nad related injury costs fro their own insurance company. designed to provide fast smooth methods of paying for damages. some states have restraints some don't .
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assigned risk pool
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consists of people who are unable to obtain automobile insurance. Some of these people are assigned to each insurance company operating in the state.
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disability insurance
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provides regular cash income lost by employess as the result of an addicent or ilnes. waiting period usual 30-90 days
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disability
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the inability to do regular work,
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elimination period
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the period between the time of the accident and the time money is able to be recieved.
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non canceable
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the insurance company can not cancel your insurance because of increased medical problems.
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guranteed renewable
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the insurance company can not tell you to not renew your insurance based on increased medical problem. So if you get worse over the term they can't cancel insurance
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supplemental hospital indemnity plan
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pays benifits only when you are hospitalized but these benefits stipulated in the polic are paind to you in cash and you can use the money for medical , non medical, or supplementary . the average benifit does not justify the premium cost.
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dread disease and cancer policy
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a rip off.based on unrealistic fears and number of states have prohibited their sale.
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medicare
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helps pay for doctors services and a variety of tother medical services not covered by hospital insurance. as soon as you meet the annual medical insurance deductible medicare will pay 80% of the additional amount.
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worker's compensation
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if your accident or illness occurred at your place of work or resulted from your type of employment then you could be entitled to workemens comp like social security these benifits are based on earnings and work history.
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coordination of benefits
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COB is a method of integrating the bendfits payable under more then one health insurance plan so that the benefits received from all sources are limited to 100% of allowable medical expenses.
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coinsurance
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provision that requires the policy holder to share expense beyond the deductible amount.
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stop loss provision
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this requiresthe policy holder to pay u to a certain amount after which the insurance company pays 100% of all remaining covered expenses.
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term insurance
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is protection for aspecified period of time pays benifits only if you die during that period. if you stop paying the insurance stops. smaller premiums
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Whole life insurance
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also known as a straight life p
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