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Insurance
Protection against possible financial loss
Policy
Purchasing a contract
Premium
A fee for insurance
Risk
The chance of loss or injury
Peril
Anything that may possibly cause a loss
Hazard
Anything that increases the likelihood of loss through peril.
Negligence
The failure to take ordinary or reasonable care to prevent accidents from happening.
Deductible
The set amount that the policyholder must pay per loss on an insurance policy.
Liability
Legal responsibility for the financial cost of another person's losses or injuries.
homeowners Insurance
coverage that provides protecton for your residence and its associated financial risks, such as damage to personal property and injuries to others.
Personal Property Floater
Additional property insurance that covers the damage or loss of a specific item of high value.
Medical Payments Coverage
Pays the cost of minor accidental injuries to visitors on your property.
Actual Cash Value
The payment you receive is based on the replacement cost of an item minus depreciation.
Replacement Value
You will receive the full cost or repairing or replacing an item.
Bodily Injury Liability
Insurance that covers physical injuries caused by a vehicle accident for which you are responsible.
Uninsured Motorist's Protection
Insurance that covers you and your family members if you are involved in an accident with an uninsured or hit-and-run driver.
Property Damage Liability
Motor Vehicle insurance that applies when you damage the property of others.
Collision
Insurance that covers damage to your vehicle when it is involved in an accident.
No-Fault System
An arrangement whereby drivers who are involved in accidents collect money from their own insurance companies.
Assigned Risk Pool
Which is a group of people who cannot get motor vehicle insurance.
Assume
Take upon yourself
Vandalism
Deliberate destruction to private or public property.
Appraised
Evaluated
Endorsement
Addition of coverage to an insurance policy
Stiff
Harsh
Mandatory
Required
