| A | B |
|---|
| automobile insurance | Insurance providing liability and other coverage for the operation of a motor vehicle. |
| beneficiary | Party for whose benefit a trust is managed; also, recipient of the amount to be paid under an insurance policy. |
| casualty insurance | Indemnifies for loss from personal negligence, chance, and accident. |
| coinsurance | Clause in a fire policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property. |
| collision insurance | Automobile insurance that protects against upset and direct accidental damage due to colliding with another vehicle. |
| comprehensive insurance | Insurance that covers against all damage to the insured's car except that caused by collision or upset. |
| endorsements | Modification to the standard fire policy made to satisfy individual needs. |
| exclusions | Exceptions to insurance coverage. |
| face value | Stated maximum amount that can be paid under a policy. |
| fire insurance | Property insurance that covers for loss or damage due to fire (and usually smoke as well). |
| indemnify | To make good a loss. |
| insurable interest | Potential to sustain loss due to the covered risk. |
| insurance | Agreement under which one party will pay to offset a loss to another. |
| insured | Party protected or covered if their loss occurred. |
| insurer | Party who will indemnify if loss occurs. |
| liability insurance | Insurance to cover personal injury or property damage claims for which the insured is legally responsible. |
| life insurance | Insurance that pays to a named beneficiary or the deceased's estate upon the death of the insured. |
| no-fault insurance | Requires that, in the event of loss, insureds be indemnified by their own insurance companies. |
| policy | Written contract of insurance. |
| premium | Consideration for a contract of insurance. |
| property insurance | Insurance that covers for losses resulting from perils such as fire, theft, or windstorm. |
| risk | The potential loss that has been insured against. |
