Insurance Day 2

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Last updated 6:03 PM on 8/19/26
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18 Terms

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Risk Pooling

The spreading of financial risk evenly among a large number of contributors to the program

<p>The spreading of financial risk evenly among a large number of contributors to the program</p>
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risk

The expensive chance of loss from an event that cannot be entirely controlled

<p>The expensive chance of loss from an event that cannot be entirely controlled</p>
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insurance

protection against possible financial loss

<p>protection against possible financial loss</p>
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Deductible

Amount you must pay before you begin receiving any benefits from your insurance company

<p>Amount you must pay before you begin receiving any benefits from your insurance company</p>
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Premium

Amount you pay regularly to purchase insurance

<p>Amount you pay regularly to purchase insurance</p>
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insurance policy

a written contract between the insured and an insurance company that promises to pay for all or part of a loss

<p>a written contract between the insured and an insurance company that promises to pay for all or part of a loss</p>
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quote

An estimate of how much something will cost if you buy it.

<p>An estimate of how much something will cost if you buy it.</p>
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insurance agent

a person employed to sell policies and provide customer service.

<p>a person employed to sell policies and provide customer service.</p>
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claim

formal request to the insurance company for reimbursement for a covered loss

<p>formal request to the insurance company for reimbursement for a covered loss</p>
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Insurance Loss

The basis of a claim for damages under the terms of a policy.

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insurance underwriter

determine the cost of a policy using risk factors and statistical data

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Liable

legally responsible

<p>legally responsible</p>
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Liability auto insurance

insurance that covers damage to the other vehicle when you cause an accident

<p>insurance that covers damage to the other vehicle when you cause an accident</p>
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Collision insurance

insurance that covers damage to your vehicle when it is involved in an accident

<p>insurance that covers damage to your vehicle when it is involved in an accident</p>
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Comprehensive insurance

covers your car for reasons other than a collision, such as theft, fire, vandalism

<p>covers your car for reasons other than a collision, such as theft, fire, vandalism</p>
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uninsured motorist coverage

insurance that pays if you are struck by someone who does not have insurance. Will also pay if you are a victim in a hit-and-run accident.

<p>insurance that pays if you are struck by someone who does not have insurance. Will also pay if you are a victim in a hit-and-run accident.</p>
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Coverage limits

The maximum amount the insurance company will pay you for your loss

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Personal Injury Protection (PIP)

Automobile insurance that pays for medical, hospital, and funeral costs of the insured's family and passengers, regardless of fault

<p>Automobile insurance that pays for medical, hospital, and funeral costs of the insured's family and passengers, regardless of fault</p>