personal finance

4/11/23

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