Auto Insurance
Which type of coverage is needed to protect against legal liabilities resulting from physical injury to others?
Bodily Injury
Name the insurance policy that covers repairs to your home caused by unexpected events like storms.
HomeOwners Insurance
Which type of insurance covers financial loss resulting from death, providing financial support to beneficiaries?
Life Insurance
This term describes the amount the insured pays before insurance begins covering costs.
Deductible
Insurance policies involve which two parties?
Insurer and Insured
What type of coverage is needed to protect against legal liabilities resulting from damages caused to property owned by others?
Property Damage
What type of coverage typically covers furniture and other belongings from damage to a home from a fire or theft?
Personal Property Coverage
Legal contract between insurance company and individual, business or entity being insured.
Insurance Policy
In an uncertain event, it is the insured’s responsibility to take all precautions to minimize the loss on the insured property.
Loss minimization
What is the policy that offers excess Liability protection?
An Umbrella Policy
This usually occurs when the insurer contacts the insurance company to report an accident.
File a claim
What do we call the payment made by the policyholder to the insurance company in exchange for coverage?
Premium
What type of insurance policy provides coverage for damage to someone else's property caused by the insured?
Third Party Insurance
What type of insurance covers the cost of medical treatments due to injury during work activities to employees?
Workers Comp Ins
What is the advantage of having insurance coverage that helps minimize the financial impact of unexpected events?
Risk Management
What is the minimum type of insurance required by law that pays for injuries or damages to other's?
Liability Insurance
Which type of coverage provides legal expenses in the event of a lawsuit?
Family Liability Protection
Age, health status, smoke or non-smokers, job risk profile, lifestyle actions, are all factors affecting what?
Life premium
In the early history of insurance, what term was used to describe the practice of sharing losses among a group of merchants or traders?
Risk Pooling
Claims history, risk profile changes, policyholder actions, coverage needs changes, market conditions, internal policy changes from insurer are all factors affection what?
Factors affecting renewals
What is the coverage(s) that are usually found on a policy when an insured wrongly uses the Term "Full" coverage?
Collision & Comprehensive
This term describes the insurance company's refusal to provide coverage for a specific claim.
Claims Denial
Which type of insurance is commonly provided by employers to cover their employees' health, life, or disability needs?
Group Insurance
What technique involves adjusting business practices, such as altering production processes or changing suppliers, to prevent or minimize losses?
Risk Avoidance
What protects against a possible situation, event or outcome?
Insurance