Benefit: Amount payable to a claimant, assignee, or beneficiary when the insured suffers a loss.
Claim: A demand by a person or business that is seeking to recover for a loss.
Deductible: Amounts that must be paid by the insured before the insurer will pay benefits.
Grace Period: There is often no grace period for auto insurance; if the payment has not been received and cashed by the insurer, the policyholder is likely uninsured.
Indemnity: A predetermined benefit amount paid for a loss.
Liability Insurance: Involves the cause of damage to property and bodily injury incurred as a result of negligence by another party.
No-fault Insurance: In this system an insurance company will pay medical expenses and lost wages caused by an accident, regardless of who was at fault.
Premium: Regular payments that a policyholder makes to own an insurance policy.
Totaling: When damage to a vehicle is so extensive that the cost to repair the vehicle exceeds the vehicles value.
Underwriting: Evaluates the likelihood an insured event will occur, determines its likely cost and develops an appropriate premium for the coverage.
0 comments:
Post a Comment