Insurance vocabulary terms

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

• Exclusion
• Premium
• Deductible
• Claim

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

• Exclusion
• Premium
• Deductible
• Claim

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

• deductible
• premium
• coverage limit
• excess fee

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.

• Liability insurance
• Comprehensive insurance
• Personal injury protection
• Collision insurance

The type of car that you drive, and the number of miles that you drive every day can increase your insurance premium (what you pay for coverage)?

• True
• False

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

• Liability coverage
• Collision coverage
• Comprehensive coverage
• Uninsured/Underinsured coverage

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

• No-fault insurance
• Comprehensive coverage
• Liability insurance
• Collision insurance

Why do young, single drivers generally pay higher automobile insurance premiums than do married drivers over 25?

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

• Safe drivers
• Regular policyholders
• Low-risk motorists
• Assigned risk pool

Automobile insurance that pays for medical, hospital, and funeral costs of the insured's family and passengers, regardless of fault.

• collision coverage

• comprehensive coverage

• personal injury protection

• umbrella liability insurance