| A | B |
|---|
| Property damage liability coverage | insurance that pays for damage you caused to another person's property |
| shared risk | insurance principle of using premiums from many policyholdrs to reimburse the losses of a few |
| insurable interest | something of value that, if lost, would cause you financial harm |
| appraisal | an experts determination of the value of a piece of property |
| claim | formal request made to an insurance company for payment for a loss |
| policy | insurance contract |
| no-fault insurance | each person's automobile insurance company to pay for the losses, no matter who caused the accident |
| liability insurance | insurance that protects you against financial loss, including the cost of your legal defense, whe you are legally responsible for injuring other people |
| points | bad marks recorded on a person's driving record becausee of traffic violations and accidents |
| rider | special addition to an insurance policy that covers a specific loss not covered in the standard policy |
| insurance | risk management tool that limits financial loss due to illness, injury, or damage in exchange for a permium |
| comprehensive coverage | insurance that pays for damage to your car caused by something other than a collision |
| premium | regular payment required to purchase insurance |
| deductible | amount you pay for a loss before the insurance company pays anyting |
| umbrella policy | insurance that provides additional liability protection beyond that in an automobile or homeowner's policy |
| replacement value | cost of replacing an item |
| market value | amount an item is worth now |
| collison coverage | pays for damage you cause your car |
| renter's insurance | provides insurance to your property but not the building |
| independent agent | agent who represents many insurance companies |
