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bodily injury liability
covers injuries caused by a motor vehicle accident for which the insured is responsible
medical payments coverage
applies to the medical expenses of anyone who is injured in the insurance vehicle including the insured
replacement value
the method by which an insurance company payment is based on the full cost of repairing or replacing an item
actual cash value
insurance payment based on what the item cost to replace minus depreciation
negligence
the failure to take ordinary or reasonable care to prevent accidents from happening
endorsement
in addition of coverage to homeowners policy
deductible
the set amount that a policyholder must pay per loss on an insurance policy
claim
a request for insurance payment to cover a financial loss
liability
the legal responsibility for the financial cost of another person's losses or injuries
personal property floater
covers the damage or loss of a specific valuable item
collision insurance
covers damage to the vehicle of the insured person no matter who is at fault
depreciation
refers to the loss in value as an item gets older
household inventory
documentation of personal belongings
policy
a contract between the insurance company and the insured
peril
In insurance anything that may possibly cause a loss is known as a
liability risk
Insurance risk involving losses caused by negligence
risk shifting
occurs when you buy insurance to cover financial losses caused by damaging events, such as fire, theft, injury, or death
risk assumption
the process of accepting the consequences of risk, like having a saving account to cover your deductible.
risk avoidance
avoiding an act that would create a risk, not driving in an ice storm.