Insurance Terms Flashcards

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insurance company

Back

A company that provides insurance and writes car insurance policies.

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car insurance policy

Back

A contract between you and your insurance company that protects you financially if you are in an accident.

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liability

Back

A type of insurance that protects you financially if you hurt another person in an accident.

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comprehensive insurance

Back

A type of insurance that protects you financially if your car is damaged by a storm, fire, hitting an animal, or other 'Acts of God.'

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collision insurance

Back

A type of insurance that protects you financially if you are in an accident, whether it is your fault or not.

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premium

Back

The amount of money you pay annually to have an insurance policy.

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actuary

Back

A mathematician who assesses risk involved with insuring an individual.

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surcharge

Back

A fee paid on insurance for 7 years after a moving violation or accident.

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compulsory insurance

Back

Required insurance.

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deductible

Back

The portion of repair costs the insurance policy holder is required to pay after an accident.