7.1 Property & Auto Insurance

Hazard

Defective electrical wiring is an example of a(n) ________

Collision

The type of insurance that covers damage to your vehicle when it is involved in an accident is ______ insurance

premium

A(n) ______ is the fee a policyholder pays an insurance company for the actual insurance

actual cash value

Under the ______ method, the payment you receive is based on the cost of an item minus depreciation.

insurance

_______ is protection against possible financial loss

homeowners insurance

______ is coverage that provides protection for your residence

risk

The chance of loss or injury is called _______.

assigned risk pool

Every state has a(n) ________ which provides at high cost, insurance for those who otherwise cannot get motor vehicle insurance.

no fault system

Each party involved in an accident collect money from his or her own insurance company under the _______.

peril

Anything that may possibly cause a loss is a(n) _______.