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Insurance Coverage Vocab
Probability
Vocab
Insurance Coverage Problems
Borrowing money
100
What is the policyholder's request for the reimbursement of a loss covered by their insurance policy
Claim
100
What is the probability of rolling a 2 on a single die
1/6
100
The maximum amount of money your insurance company will pay out for your losses; many states have minimum required limits.
Limits
100
Dakota has 100/300/50 liability insurance on her VW beetle. She hits Jackson and causes $2500 worth of damage to her car. How much will her insurance company pay?
$2500
100
You apply for a $7500 student loan. You will pay $95 per month for 10 years at an APR of 9%. What is the principal of the loan?
$7500
200
What indicates that you have a minimum coverage for your state of residence; it does not necessarily mean you will always be fully covered
Full Coverage
200
What is the probability of rolling a number less then five on a single die
2/3
200
These are changes to the original insurance contract, such as a different deductible or an additional car or driver.
Endorsements
200
A rock hits my car while mowing the lawn. The damage to the car is $800. What insurance pays for the repairs? If i have a $100 deductible on that part of my insurance, what do i have to pay and what will the insurance pay?
Comprehensive- you pay $100 and the insurance pays $700
200
You apply for a student loan for $25,000 with an APR of 9% for 20 years. What would your monthly payment be?
$224.93
300
What is a predetermined sum paid for a covered loss
Indemnity
300
What is the probability you will be dealt 2 aces from a standard 52-card deck
12/2652
300
Situations that are not covered by a given insurance policy; specific exclusions are listed on your insurance policy.
Exclusions
300
A baseball hits Jonathan's truck on his way to school. He has a $50 deductible on his comprehensive insurance. The damage came to $140. How much will the insurance company pay?
$90
300
You apply for a $7500 student loan. You will pay $95 per month for ten years. How many payments will you make?
120
400
What is the amount an insurance company pays to you or your beneficiary when you file a claim
Benefit
400
What is the probability that you will draw a black 9 from a deck of cards
1/13
400
The portion of losses that you agree to pay in the event of an accident
Deductible
400
Mr. Lemay has the minimum coverage liability insurance (25/50/10) He hits a porcupine and it pops his tire. The cost of a new tire is $500. How much does he have to pay to replace the tire?
$500
400
For a student loan of $7500 for ten years at a rate of 9%, how much of the loan will go towards interest?
$3900
500
What is a document that shows proof of financial responsibility in the case of traffic violation
SR-22
500
What is the probability of drawing a face card from a standard deck of cards
3/13
500
Pays for damage the policy holder causes to someone else's property.
Property Damage Liability
500
Aharon runs his car into a tree. It causes $5,000 in damage to his care. He has a $1,000 deductible on his collision insurance. How much does he have to pay to have his car fixed and what does the insurance company have to pay?
Him-$1,000 Insurance-$4,000
500
Suppose you have a student loan of $25,000 with an APR of 9% for ten years. How much will the payment be?
$316.68