Chapter 19 vocab
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Last updated 9:45 PM on 4/26/23
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22 Terms
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Insurance
Contractual arrangement that protects against loss.
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Indemnify
The party that pays to compensate for such harm.
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Insurer
The party that agrees to idemnify
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Insured
The party that is covered and protected.
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Beneficiary
The recipient of the amount to be paid
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Policy
The written contract of insurance.
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Premium
The consideration for a contract of insurance
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Risk
The potential for loss arising from injury to or death of a person or from damage or destruction of property from specified peril.
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Insurable Interest
The potential to sustain
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Property Insurance
The general type of insurance intended to indemnify for harm to the insured's personal or real property brought on by perils such as fire, theft, and windstorm.
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Casualty Insurance
The type of insurance that indemnifies for losses resulting from accident, chance or negligence
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Exclusions
Exceptions that are stated in the policy
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Fire Insurance
The type of property insurance that covers the direct loss to property resulting from fire, lightning strike, or removal from premises endangered by fire.
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Endorsements
The standard policy and forms may be modified by riders and\____
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Coinsurance
Clause in Fire insurance policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property.
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Liability Insurance
Type of casualty insurance that indemnifies against personal injury or property damage claims for which the insured is legally responsible.
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Auto Insurance
Protects against liability coverage, medical payments coverage, collision, and comprehensive.
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Collision Insurance
Protects against direct and accidental damage to the vehicle by colliding into something or upsetting the vehicle.
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Comprehensive Insurance
Protects against anything but collisions
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No-fault insurance
Protects against accidents where no one really is at fault.
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Life Insurance
Contractual arrangement under which an insurer promises to pay an agreed upon amount of money to a named party upon the death of a particular person.
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Grace period
A time usually 30 days where a payment can be made to keep the insurance.