| A | B |
|---|
| Liability | Legal responsibility to pay for injury or loss caused by you. |
| Insurance | Purchased protection that gurantees to pay you in the event of a certain specificd loss. |
| Policy | A written agreement between the policyholder (who buys the insurance) and the insurance company. |
| Exclusions | Specific risks not covered by a policy. |
| Endorsement | Attachements to standard policy that add or remove coverage. |
| Premium | Payments to the insurance company for coverage. |
| Claim | A request for payment for a loss. |
| Deductible | The set amount an insured person mus tpay for each loss before the insurer will pay benefits. |
| Co-insurance | An agreement where the insurance company and the insured share the costs of a claim after the deductible is met. |
| No-fault insurance | An insurance system where no fault or blame is assigned in event of an accident. |
| Depreciation | The loss in value over time. |
| Assigned-risk pool | A group of drivers that are unable to obtain auto insurance on their own. |
| Personal property | Property that can be moved, such as furniture, appliances, clothing and jewelry. |
| Appraisal | An estimate of value made by a qualified person. |
| Household inventory | A detailed list of personal belongings. |
| Fee-for-service plan | A plan under which you are charged a fee for each medical service you receive. |
| Managed care plan | A healthcare plan that is designed to lower costs for both the insurer and the consumer while maintaining high standards of care. |
| Primary care physican | A physician who coordinates care. |
| Co-payment | A flat-fee that is paid by the insured for medical services. |
| HMO | Health Maintenance Organization, a health care group that offers medical care to members for a pre-paid fee. |
| POS | Point-Of-Service plan is a managed care plan that provides the option of using health care providers outside the plan's network. |
| PPO | Preferred Provider Organization is a group of health care providers who band together to provide services at low cost. |
| Medigap policies | Coverage for medical expenses not covered by Medicare. |
| Medicaid | Government assistance to low income families for medical care. |
| Worker's compensation | Insurance against injuries that happen on the job. |
