🚗 Auto Insurance Basics
This part of your insurance pays for damage to your own vehicle due to an 'act of God'.
What is comprehensive (coverage)?
The insurance term for the cost to rebuild a home using similar materials.
This type of life insurance lasts for a specific number of years.
What is Term Insurance?
The amount you pay for an insurance policy.
What are premiums?
The title of a representative from an insurance company who goes out to assess damage caused by a peril to estimate repair costs.
What is a Claims Adjuster?
This coverage helps pay for injuries you cause to another party in an accident.
What is Bodily Injury (coverage)?
This homeowners coverage provides liability protection if someone is injured on your property and you are found legally responsible.
What is Personal Liability (Coverage)?
The recipient(s) of a death benefit.
Who is a beneficiary?
The remaining portion you must pay after your insurance benefits apply in a claim.
What is a deductible?
This report is often required after a collision claim.
What is a police report?
The part of your auto policy protects you if an at-fault driver strikes you and has no/too little insurance.
What is Uninsured/Underinsured Motorist Coverage?
This type of coverage pays when you cannot live in your home due to a covered peril.
What is Loss of Use (Coverage)?
This life policy type typically builds cash value over time.
What is Whole Life Insurance?
The time period between when a policy is terminated from nonpayment of premium to when it receives payment to have it reinstated.
What is a (policy) lapse?
If a home is destroyed by a fire, this coverage pays out from the fire policy to rebuild.
What is Dwelling Coverage?
This part of your auto insurance helps reimburse you for towing, lock-outs and jump starts without the need for a comprehensive or collision claim.
What is Emergency Road Side Service (Coverage)?
Damage caused by this natural event is typically excluded from standard homeowners policies.
What is a Flood?
This life insurance type allows the policyholder to adjust the death benefit and premium over time, offering flexibility not found in traditional whole or term policies.
What is Universal Life Insurance?
An additional coverage item applied to a newly created or existing policy.
What is an endorsement?
Filing a claim with the intent to deceive is known as this crime.
What is Insurance Fraud?
A Pennsylvania driver caused an accident and their insurer paid out $30,000, despite the total amount of injuries exceeding that amount.
What are state minimums?
To receive replacement cost coverage on a homeowners policy with State Farm, the dwelling must typically be insured to at least this percentage of its replacement value.
What is 80%?
This type of life insurance can provide an additional death benefit if the insured dies as a result of an accident, separate from the primary policy payout.
What is Accidental Death Insurance (or a Double Indemnity rider)?
An amount of currency provided at the initial submission of an application.
What is Consideration?
The type of risk management when an at-fault insured elects to pay for a peril out of pocket without filing a claim through their insurance.
What is self-insurance?