Insurance Vocab
An insurance that will pay for damages to your car from an accident if you are at fault.
What is collision?
Type of coverage that covers events such as collisions with other vehicles, stationary objects, and single-vehicle accidents, regardless of who’s at fault.
What is collision coverage?
The amount of money you pay you health insurance company every month to keep your coverage.
What is a premium?
This type of coverage protects a tenant’s personal property, such as furniture, electronics, and clothing, in the event of damage or theft.
What is personal property coverage?
This is the term for the amount of policyholder must pay out of pocket before their insurance begins to pay for a loss
Deductible
What is liability ?
For around $400, this coverage type covers for physical damage to your car resulting from “acts of nature” such as fire, theft, or hail.
What is comprehensive coverage?
The specific dollar amount that an insured person must pay for oversee services before their insurance plan starts to pay
What is deductible
A landlord‘s insurance policy covers damage to the building’s structure, but this specific type of policy is needed to cover a tenant’s personal belongings.
What is a renters insurance policy?
What is the insurance that covers damage to one’s own vehicle resulting from a collision with another car or object
Collision insurance
A 10 year-old child of this adult accidentally breaks a neighbor's window, which may be covered under the liability portion of a homeowners policy.
What is to be insured?
This type of auto insurance system means each driver's own insurance company pays for their initial medical bills and lost wages after an accident, regardless of who caused it.
What is no fault insurance?
An alternative type of health care plan that typically requires you to select a primary care physician and get a referral to see a specia list
What is HMO
Standard renters insurance generally usually covers water damage from a burst pipe or leak, but it explicitly excludes damage from this common natural disaster.
What is a flood/earthquake?
This part of an insurance contract details what is not covered by the policy, often including specific exclusions like floods in standard homework policies
What is Exclusions
A business professional who uses mathematics, statistics, and financial theory to analyze and manage risk and uncertainty for organizations.
What is an actuary?
What covers medical expenses and lost wages for people in other vehicles if you are at fault in an accident, and can help with legal fees if you are sued?
What is bodily injury liability?
A fixed amount you pay for a covered health care service, usually at the time you receive the service, such as a doctors office visit
What is co-pay
This portion of a renters policy covers medical bills or legal fees if a guest is accidentally injured in your rented home.
What is personal liability coverage?
This is the monthly or annual fee paid by the indigo the insurance company to maintain their coverage
What is a premium
The extent of protection an insurance policy provides against financial loss for specific risks, such as accidents, damage, or illness.
What is insurance coverage?
Something that is the amount you pay out-of-pocket for a covered loss before the insurance company pays.
What is a deductibile?
Passed in 1996, this federal law provides data privacy and security provisions for safeguarding medical information
What is HIPAA?
True or False: A landlord’s insurance policy will pay to replace a renter’s personal belongings lost in a fire or theft.
What is False?
When an insurer makes an payment for a loss, this legal doctrine allows the insurer to pursue the party who was responsible for the damage on the policyholders behalf
What is subrogation?