| Term | Definition |
|---|
| Uninsured/underinsured coverage | Automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay. |
| Umbrella liability insurance | A supplement to your basic auto and property liability coverage that expands limits and includes additional risks. |
| Assigned-risk pool | A group of people who are unable to obtain automobile insurance due to high risk. |
| Comprehensive coverage | Automobile insurance that protects you from damage to your car from causes other than collision or vehicle overturning. |
| Collision coverage | Automobile insurance that protects your own car against damage from accidents. |
| No-fault insurance | Automobile insurance in which drivers receive reimbursement from their own insurer, no matter who caused the accident. |
| Personal injury protection (PIP) | Automobile insurance that pays for medical, hospital, and funeral costs of the insured's family and passengers, regardless of fault. |
| Endorsement | A written amendment to an insurance policy. |
| Univited guest | A person presumed to have permission to be on your property. |
| Renter's policy | Insurance that protects renters from property and liability risks. |
| Attractive nuisance | A dangerous place, condition, or objects that is particularly attractive to children. |
| Homeowner's policy | Insurance that protects property owners from property and liability risks. |
| Personal property floaters | Insurance coverage for the insured's movable property wherever it may be located. |
| Co-insurance clause | A provision requiring policyholders to insure their building for a stated percentage of its replacement value to receive full reimbursement for a loss. |
| Liability coverage | Insurance to protect against claims for bodily injury to another person or damage to another person's property. |
| Deductible | The specified amount of a loss that you (the insured) will have to pay. |
| Economic Risk | A risk that may result in gain or loss because of changing economic conditions. |
| Indemnification | Putting the policyholder back in the same financial condition he or she was in before a loss occurred. |
| Insurable Interest | Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. |
| Insurable Risk | A pure risk that is faced by a large number of people and for which the amount of the loss can be predicted. |
| Insurance | A method for spreading individual risk among a large group of people to make losses more affordable for all. |
| Liability Risk | The chance of loss that may occur when your errors or actions result in injuries to others or damages to their property. |
| Personal Risk | The chance of loss involving your income and standard of living. |
| Premium | The fee paid at regular intervals by the owner of an insurance policy. |
| Property Risk | The chance of loss or harm to personal or real property. |
| Pure Risk | A chance of loss with no chance for gain. |
| Risk Assessment | Understanding the types of risk you will face and their potential consequences. |
| Risk Assumption | Accepting the consequences of risk by self-insuring to absorb the loss. |
| Risk Avoidance | Lowering your chance of loss by not doing high-risk activities. |
| Risk Management | An organized strategy for controlling financial loss from pure risks and insurable risks. |
| Risk Reduction | Taking measures to lessen the frequency or severity of losses that might occur. |
| Speculative Risk | A risk that may result in either gain or loss. |
| Risk Shifting | Transferring risk by buying insurance to cover potential losses. |
Combine with other sets
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