Auto Insurance
Insurance that covers damage to your vehicle when it is involved in a collision with an animal, for example a deer
What is comprehensive insurance
Coverage that pays the cost of minor accidental injuries to visitors on your property
Medical coverage
A person named to receive benefits from a life insurance policy
What is a beneficiary?
Failure to take ordinary or reasonable care to prevent accidents
What is negligence?
Insurance that pays to repair your vehicle if it is damaged in a collision accident
What is collision insurance?
Payment based on the replacement cost of an item minus depreciation
What is actual cash value?
Insurance that has a guaranteed premium for a certain time period. Once the time period expires, premiums are based on current age.
Main coverages provided on a Business Owners Insurance policy
What are General Liability and Property?
Insurance that covers injuries caused by a vehicle accident for which you are responsible
What is bodily injury liability insurance
Receiving the full cost of repairing or replacing an item
What is replacement cost?
A permanent policy for which you pay a specified premium each year for the rest of your life
What is whole life insurance?
An additional liability policy that supplements your business liability coverage
What is an Umbrella Policy?
This coverage is only present in "No-Fault" states
What is Personal Injury Protection (PIP)?
Set amount that the insured must pay per loss on an insurance policy
What is a deductible?
Additional property coverage that covers the damage or loss of a specific item of high value
What is a personal property floater?
Insurance that is usually offered by employers, who pay part or all of the costs of their employees premiums
What is group insurance?