Insurance Basics
This is the kind of payment you make every month to have your insurance active.
What is a premium?
This insurance helps pay when you get sick or hurt.
What is health insurance?
Auto liability insurance covers this.
What is the damage you accidentally cause to another person's car or property while driving?
When AI systems automatically provide coverage for small, simple claims, they help speed up this process.
What is claim approval?
The amount you must pay before insurance helps.
What is a deductible?
This is what you file when something goes wrong and you want insurance to help pay.
What is a claim?
This insurance helps pay if your car is damaged.
What is auto insurance?
Agricultural insurance mainly covers these two things.
What are crops and livestock?
AI helps detect unusual claims to stop this illegal activity.
What is insurance fraud?
The amount the insurance company pays after you file a claim.
What is a payout?
This document explains exactly what your insurance will and won’t pay for.
What is a policy?
This type of insurance protects your home and belongings if they are damaged or destroyed.
What is homeowners insurance?
This insurance needs to be bought separately in a policy to cover water damage caused by a storm.
What is flood insurance?
When an AI system offers different prices based on how safely someone drives, it is using this practice.
What is personalized pricing?
Contract purchased for financial protection against losses.
What is insurance?
The main reason consumers buy insurance.
What is financial protection?
This type of insurance helps your family financially if the insured passes away.
What is life insurance?
If Raising Cane's equipment gets damaged by a storm, this insurance helps pay to replace it.
What is business property insurance?
Insurance companies use AI to quickly look at large amounts of information to predict how risky a customer is.
What is risk assessment?
The maximum amount insurance will pay.
What is a coverage limit?
This word means the chance that something bad could happen like getting hurt or breaking something.
What is risk?
You had to jump off a friend's deck and tore your Lisfranc, resulting in you suing them for the surgery/medical bills. What insurance (if any) covers the cost?
What is homeowners' insurance?
An extended warranty covers this.
What are repairs or replacements after the regular manufacturer warranty expires?
This percentage of insurance companies completely use AI to process everything.
What is 10%?
The part of insurance that decides how much you pay based on how risky you are.
What is underwriting?