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Insurance Unit 1

Insurance Vocabulary Unit 1

TermDefinition
Claim Notification to an insurance company requesting payment of an amount due under the terms of the policy
Coverage Guarantee against specific losses provided under the terms of an insurance policy; amount and extent of insurance afforded under a contract of insurance
Deductible out-of-pocket money the insurer has to pay
Insurability Acceptability of an insurance applicant
Insurance a contractual means of transferring the payment of a loss to a third party by means of a contract and the pooling of similar risks
insurance policy A contract of insurance, describing the term, coverage, premiums and deductibles. also called policy.
Insurance Premium The periodic payment made on an insurance policy. also called premium.
Insured One for whom insurance is written
Insurer The party to an insurance arrangement who undertakes to indemnify for losses.
Liability Condition of being bound by law or contract to do something that may be enforced in courts
Risk condition in which there is a possibility of loss
Risk Management Attempt to identify, measure, control, transfer or retain pure risk exposers in order to protect future income
Better Business Bureau (BBB) is a nonprofit organization focused on advancing marketplace trust
Misrepresentation False statement of material face known at the time
Predatory Pricing The pricing of goods or services at such a low level that other suppliers cannot compete and are forced to leave the market
Arbitration the use of an arbitrator to settle a dispute
Credit Score a number assigned to a person that indicates to lenders their capacity to repay a loan
Insurance Score is a number generated by insurance companies based on your credit score and claim history to determine the probability that a policyholder will file a claim in the future
Automobile Insurance A policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident.
Collision Coverage A type of auto insurance coverage ,insurance will reimburse the insured for any damage sustained to their personal automobile that is due to the fault of the insured driver.
Comprehensive Coverage known as "other than collision" coverage in Virginia, is an optional car insurance coverage designed to pay for certain repairs that aren't related to collisions.
Depreciation a reduction in the value of an asset with the passage of time, due in particular to wear and tear.
Personal Injury Protection Coverage an extension of car insuranceavailable in some U.S. states that covers medical expenses and, in some cases, lost wages and other damages
Underwriting sign and accept liability under (an insurance policy), thus guaranteeing payment in case loss or damage occurs.
Declaration Page That part of a property or liability insurance policy that discloses information pertinent to the coverage promised including names, addresses, limits, locations, term, premium, forms, and so on.
Endorsements a clause in an insurance policy detailing an exemption from or change in coverage.
Exclusions An item or risk specifically not covered by an insurance policy or other contract
GAP Insurance  type of auto insurance that car owners can buy to protect themselves against losses
Liability Coverage Insurance that provides compensation for a harm or wrong to a third party for which an insured is legally obligated to pay.
Medical Expenses Coverage Health insurance that covers medical and surgical expenses, as well as hospital expenses
Personal Auto Policy Insurance policy issued to individuals covering risks arising out of the ownership or operation of a licensed automobile.
Physical Damage Coverage Physical damage coverage insures you against damage to your car.
Underinsured Motorist Coverage An auto insurancepolicy provision that extends coverage to include property and bodily damage caused by a motorist with insufficient insurance.
Uninsured Motorist Coverage An addition to a standard automobile insurance policy that provides coverage in the event the other driver is both legally responsible for the accident and is not insured.
Bodily Injury Liability Coverage Pays damages for bodily injury or death resulting from an accident for which you are at fault and provides you with a legal defense. This coverage is subject to the terms, limits and conditions of your policy contract.
Property Damage Liability Coverage Pays for damage to someone else's property resulting from an accident for which you are at fault and provides you with a legal defense
Riders tandard policies usually leave little room for modification or customization, beyond choosing deductibles andcoverage amounts.
Created by: Kountry
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