Studied by 2 people4/11/23
premium
amount of $ a person pays to have insurance
uninsured/under-insured
when hit by someone who is uninsured/under-insured
underwriter
decides what your rates will be
actuary
use math and science to find risk of possible events
perils
unusual events covered by comp insurance
assumption of risk
knowingly doing a dangerous action
collision
insurance for your car when contact happened
negligence
doing/not doing something that a reasonable, prudent person would/would not do in a similar circumstance
VIN number
required for insurance to identify your car
injured party
victim, receiving end, plaintiff, who damage was inflicted upon
financial responsibility laws
prove you can pay for damages
comprehensive insurance
all damages not including collisions
vicarious liablility
responsible for someone else’s actions
100/300/100
$100k/person max, $300k max, $100k property max (per accident)
claim
fill out paperwork to request insurance kicking in
umbrella policy
extra home/auto insurance, sold in $1 mil increments
medical payment insurance
covers medical bills for you and your family
adjuster
goes to cite and estimates damages
deductible
how much insured pays before insurance kicks in
expiration date
when insurance ceases if not renewed
exclusions
expressly eliminated from insurance
colliosion
your car only
contributory negligence
responsible at part for your own damages
agent
sells insurance
last #=
property
insured
person buying insurance, policy holder
theft
unlawful taking of someone’s vehicle
liability
covers other people and other’s property
save money on auto insurance…
shop around, drop collision/comp, raise deductible
Note
Flashcard