Auto Insurance Home Insurance Vocab 1 Vocab 2Auto Insurance Insurance Game

The Answer is: Individuals who buy insurance?

The Question is: What is insured?

The Answer is: Company you purchase insurance protection from?

The Question is: What is a Insurer?

The Answer is: Current cash value considering depreciation (decrease in value because of age and wear)

The Question is: What is Actual Cash Value?

The Answer is: Insured transfers risk by paying certain sums of money?

The Question is: What is Premiums?

The Answer is: Anything that may possibly cause a loss?

The Question is: What is Peril?

The Answer is: The amount that you are limited to for each type of coverage, example, up to $100,000 for property damage coverage?

The Question is: What is Limit?

The Answer is: Protects you against risk by transferring the risk to the insurance company?

The Question is: What is Insurance?

The Answer is: Situation in which some type of loss is possible. Could be: financial, physical, material?

The Question is: What is Risk?

The Answer is: The failure to take ordinary or reasonable care to prevent accidents from happening?

The Question is: What is Negligible?

The Answer is: Anything that increases the likelihood of loss through some peril? DAILY DOUBLE

The Question is: What is Hazard?

The Answer is: What type of auto insurance coveage pays for damage to or theft of your car?

The Question is: What is Property Coverage?

The Answer is: What type of auto insurance coverage pays for your legal responsibility to others for bodily injury or property damage?

The Question is: What is Liability Coverage?

The Answer is: What type of auto insurance coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses?

The Question is: What is Medical Coverage?

The Answer is: This type of insurance refers to the fact that if you have an accident and your car is damaged beyond repair or “totaled” there’s likely to be a difference between the amount that you still owe the auto dealer and the check you will get from your insurance company? DAILY DOUBLE

The Question is: What is GAP Insurance?

The Answer is: In addition to the state requirements, what insurance is required if you lease a car?

The Question is: 1.Collision Coverage – covers the damage to the car from an accident with another automobile or object 2.Comprehensive Coverage – covers a loss that is caused by something other than a collision with another car or object, such as fire or theft or collision with a deer.

The Answer is: This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes.

The Question is: What is Collision?

The Answer is: This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer.

The Question is: What is Comprehensive?

The Answer is: This coverage pays for the treatment of injuries to the driver and passengers of the policyholder’s car. At its broadest, it can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident, it may also cover funeral costs?

The Question is: What is Medical Payments or Personal Injury Protection?

The Answer is: This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission. It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state- required minimum to protect assets such as your home and savings.

The Question is: What is Bodily Injury Liability?

The Answer is: This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver. This coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian

The Question is: What is Uninsured and Underinsured Motorist Coverage?

The Answer is: Coverage that provides protection for your residence and its associated financial risks, such as damage to personal property and injuries to others.

The Question is: What is Homeowner’s Insurance?

The Answer is: This covers the damage or theft of specific item of high value like Art or Jewelry?

The Question is: What is Personal Property Floater?

The Answer is: Be aware that if an insurance company adds this document to the policy it can change the terms by adding or excluding specified conditions or altering benefits.

The Question is: What is Rider?

The Answer is: What are 5 factors that affect the cost of homeowner’s insurance?

The Question is: 1.Location of Home – close to fire station, water supply, distance from crime area etc. 2.Type of Structure – Brick costs less than frame. 3.Coverage Amount – how much coverage, size of policy 4.Property Insurance – the amount of deductible 5.Insurance Company – shop around for better rates

The Answer is: Homeowner’s Insurance provides coverage for the following… (4 Areas)

The Question is: 1.Building Structure - in which you live and any other structures on the property. 2.Additional Living Expenses – Pays for temporary hotel or lodging in the case an event dislodges residents. 3.Personal Property – Covers value of contents of the structure. 4.Personal Liability and related coverages – You are responsible for damages both inside and outside your home. Personal Liability and Medical Payments Coverage.