Insurance & Risk Management
Protection against ossible finanical loss
What is insurance
Insurance that covers damage to your vehicle when it is involved in an accident
What is collision insurance
Coverage that provides protection for your residence and its associated financial risks
What is homeowners insurance
A person named to receive the benefits from a life insurance policy
What is a beneficiary
A form of financial protection that eases the financial burden people may experience as a result of illness or injury
What is health insurance
A legal responsibility for the financial cost of another person's losses or injuries
What is liabiltiy
Insurance that covers you and your family members if you are involved in an accident with an uninsured or underinsured or hit and run driver
What is uninsured motorist's protection
Pays the cost of minor accidental injuries to visitors on your property
What is medical payments coverage
Insurance that provides protection against loss of life for only a specified term, or period of time
What is term insurance
The percentage of the medical expenses the policy holder must pay in addition to the deductible amount
What is coinsurance
What is the failure to take ordinary or reasonable care to prevent accidents
What is negligence
Insurance that covers physical injuries caused by a vehicle accident for which you are responsible
What is bodily injury liability
Additional property insurance that covers the damage or loss of a specific item of high value
What is personal property floater
A permanent policy for which you pay a specified premium each year for the rest of your life
What is whole life insurance
A fee paid for insurance
What is a premium
Insurance that protects you if your vehicle is damaged in a non-accident situation
What is comprehensive physical damage
Payment based on the replacement cost of an item minus depreciation
What is actual cash value
The accumulated savings from a whole life insurance policy
What is cash value
A group of doctors and hospitals that agree to provide specified medical services to members at prearranged fees
What are preferred provider organization (PPO)
The set amount that the policyholder must pay per loss on an insurance policy
What is a deductible
A group of people who cannot get motor vehicle insurance who are assigned to each insurance company operating in the state
What is assigned risk pool
Receiving the full cost of repairing or replacing an item
What is replacement value
Insurance that is usually offered by employers, who pay part or all of the costs of their employees
What is group insurance
A federally funded health insurance program available mainly to people over 65 and to people with certain disabilities
What is medicare