| A | B |
|---|
| Insurance | Protection against possible financial loss. |
| Insurance Company | A risk sharing business that agrees to pay for losses that may happen to someone it insures. |
| Insurer | A risk sharing business that agrees to pay for losses that may happen to someone it insures. |
| Policy | An insurance contract that is purchased. |
| Policyholder | The purchaser of the policy. |
| Premium | A fee paid by a policyholder to an insurer. |
| Coverage | The protection provided by the terms of an insurance policy. |
| Insured | The people protected by the policy. |
| Risk | The chance of loss or injury. |
| Peril | Anything that may possibly cause a loss. |
| Negligence | The failure to take ordinary or reasonable care to prevent accidents from happening. |
| Deductible | The set amount that a policyholder must pay per loss on an insurance policy. |
| Claims | Requests for payment to cover financial losses. |
| Liability | A legal responsibility for the financial cost of another person's losses or injuries. |
| Homeowners Insurance | Coverage that provides protection for your residence and its associated financial risks, such as damage to personal property and injuries to others. |
| Household Inventory | A list or other documentation of personal belongings, with purchase dates and cost information. |
| Personal Property Floater | Additional property insurance that covers the damage or loss of a specific item of high value. |
| Umbrella Policy | Supplements your basic personal liability coverage. |
| Medical Payments Coverage | Pays the cost of minor accidental injuries to visitors on your property. |
| Endorsement | Addition of coverage to a homeowners policy or through a state run insurance program. |
| Actual Cash Value | The payment you receive based on the replacement cost of an item minus depreciation. |
| Replacement Value | When you receive full cost of repairing or replacing an item. |
| Financial Responsibility Law | A law that requires drivers to prove that they can pay for damage or injury caused by an automobile accident. |
| Bodily Injury Liability | Insurance that covers physical injuries caused by an automobile accident for which you were responsible. |
| Medical Payments Coverage | Insuranc that applies to medical expenses of anyone who is injured in your automobile, including you. |
| Uninsured Motorist's Protection | Insurance that covers you and your family members if you are involved in an accident with an uninsured or hit-and-run driver. |
| Property Damage Liability | Automobile insurance that applies when you damage the property of others. |
| Collision | Insurance that covers damage to your car when it is involved in an accident. |
| No-Fault System | Drivers who are involved in accidents collect money from their own insurance companies. |
| Assigned Risk Pool | Includes all people who can't get automobile insurance. |
