Insurance vocabulary terms

Front

I have an insurance policy with a deductible of $500. If I submit a claim for $2,455, how much would the insurance company pay?

Back

$1,955

Front

This is a request made by the insured (you or I) for insurer (insurance company) to send payment due to loss incurred and covered under the policy agreement

Back

Claim

Front

This is the money paid by the consumer to the insurance company for a specified dollar amount of coverage.

Back

Premium

Front

This is the portion of the insured loss (in dollars) paid by the policy holder (insurance company).

Back

deductible

Front

What is an insurance premium discount?

Back

An insurance premium discount is a reduction in the insurance premium amount.

Front

This is automobile insurance that protects your own car against damage from accidents or vehicle overturning. This coverage will pay for the damage to your car in the event you are at fault.

Back

Collision insurance

Front

The type of car that you drive, and the number of miles that you drive every day can increase your insurance premium?

Back

True

Front

Automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay.

Back

Uninsured/Underinsured coverage

Front

Automobile insurance in which drivers receive reimbursement from their own insurer, no matter who caused the accident.

Back

No-fault insurance

Front

This is a group of people who are unable to obtain automobile insurance due to high risk.

Back

Assigned risk pool