insurance vocab
compensation for loss damage
What is insurance?
After you skid on a rainy road and hit another car, this part of your auto insurance would pay for the damage caused to the other driver’s vehicle
What is property damage liability?
What is Copayments
Fixed fee for specific services
cost to replace an item with one of like kind and quality
What is actual cash value?
Amount to be paid for an insurance policy
What is premium?
The person protected by insurance policy
What is the policy holder?
Type of auto insurance covering medical costs, injuries
Medical coverage or Personal Injury Protection
the cost shared as a percentage after meeting deductible
What is co insurance
coverage option that pays the full cost to replace a damaged or stolen item with a new one of similar kind and quality
What is replacement value?
Premiums are usually paid in these term intervals
What are monthly payments?
The company that provides coverage and pays claims
What is the insurer?
after getting into a minor crash in Florida, this mandatory coverage helps pay your own medical expenses regardless of who caused the accident
What is personal insurance protection (PIP)
Contracted doctors or hospitals who provide car at lower rates
What is health plan network?
Offers protection of personal property against losses
what is renters insurance?
When a person’s risk is higher this happens to their premium
it Increases
A specified amount the insured must pay before the insurer covers remaining costs
What is a deductible
A type of insurance that covers bodily injuries, property damage of others and damage that was not yours
What is liability coverage?
Medical insurance group providing health services for a fixed annual fee
What is Health Maintenance Organization?
A section of renters insurance covering property and personal belongings
What is property coverage?
A refund given when an insurance policy is canceled before its term ends
What is an unearned premium?
The process of determining how much risk an insurance company will take and at what cost
What is underwriting?
Auto insurance covering when one gets hit by an uninsured driver
A federal program for people 65+ or with certain disabilities
What is Medicare?
A section of renters insurance covering liability and medical payments
What is liability coverage?
the process insurers use to calculate the appropriate premium based on risk factors