Auto Insurance Flashcard

Front

A legal contract that transfers risk from a policyholder to an insurance provider.

Back

Insurance Policy

Front

What you pay the insurance company for covering your RISK.

Back

Premium

Front

Your notice to the insurance company that a loss has occurred.

Back

Claim

Front

The cost in dollars of property damage or injuries covered in your policy.

Back

Loss

Front

The maximum amount you will receive for a specific type of coverage.

Back

Limit

Front

What you pay out of pocket before the insurance company pays your claim.

Back

Deductible

Front

Pays for theft, or damage to your car not caused by a collision, i.e., vandalism, weather.

Back

Comprehensive

Front

Pays for damage to your car caused by hitting something, i.e., a wall, vehicle.

Back

Collision

Front

Pays for injuries that happen to others in an auto accident that is your fault.

Back

Bodily Injury

Front

Pays accident-related medical bills for you and your passengers, regardless of who’s at fault.

Back

Medical or personal injury