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Chapter 10 - Protecting Your Property
Terms in this set (31)
actual cash value
A value assigned to an insured property that is determined by subtracting the amount of physical depreciation from its replacement cost.
automobile insurance plan
An arrangement providing automobile insurance to drivers who have been refused regular coverage under normal procedures.
bodily injury liability losses
A PAP provision that protects the insured against claims made for bodily injury.
An insurance agent who represents only one insurance company and who is, in effect, an employee of that company.
An insurance specialist who works for the insurance company, as an independent adjustor or for an adjustment bureau, to investigate claims.
In property insurance, a provision requiring a policyholder to buy insurance of an amount equal to a specified percentage of the replacement value of their property.
Automobile insurance that pays for collision damage to an insured automobile regardless of who is at fault.
comprehensive automobile insurance
Coverage that protects against loss to an insured automobile caused by any peril (with a few exceptions) other than collision.
Property and liability insurance policy covering all perils unless they are specifically excluded.
financial responsibility laws
Laws requiring motorists to buy a specified minimum amount of automobile liability insurance or to provide other proof of comparable financial responsibility.
An insurance agent who may place coverage with any company with which he or she has an agency relationship, as long as the insured meets that company's underwriting standards.
Insurance that protects against the financial consequences that may arise from the insured's responsibility for property loss or injuries to others.
named peril policy
Property and liability insurance policy that individually names the perils covered.
Failing to act in a reasonable manner or to take necessary steps to protect others from harm.
no-fault automobile insurance
Automobile insurance that reimburses the parties involved in an accident without regard to negligence.
A cause of loss.
personal automobile policy (PAP)
A comprehensive automobile insurance policy designed to be easily understood by the "typical" insurance purchaser.
personal liability umbrella policy
An insurance policy providing excess liability coverage for homeowner's and automobile insurance as well as additional coverage not provided by either policy.
personal property floater (PPF)
An insurance endorsement or policy providing either blanket or scheduled coverage of expensive personal property not adequately covered in a standard homeowner's policy.
principle of indemnity
An insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.
property damage liability losses
A PAP provision that protects the insured against claims made for damage to property.
Insurance coverage that protects real and personal property from catastrophic losses caused by a variety of perils, such as fire, theft, vandalism, and windstorms.
The amount necessary to repair, rebuild, or replace an asset at today's prices.
right of subrogation
The right of an insurer, who has paid an insured's claim, to request reimbursement from either the person who caused the loss or that person's insurer.
underinsured motorists coverage
Optional automobile insurance coverage, available in some states, that protects the insured against damages caused by being in an accident with an underinsured motorist who is found liable.
uninsured motorists coverage
Automobile insurance designed to meet the needs of "innocent" victims of accidents who are negligently injured by uninsured, underinsured, or hit-and-run motorists.
"Patient Protection and Affordable Care Act and the Reconciliation Act of 2010 (ACA)"
Health care reform legislation that requires all Americans to have or buy health insurance, requires insurers to cover the children of those they insure up to the age of 26, prohibits insurers from denying coverage or setting unrealistically high premiums for pre-existing medical conditions, establishes health care insurance exchanges, and requires small firms to provide health insurance coverage for its employees.
point-of-service (POS) plan
A hybrid form of HMO that allows members to go outside the HMO network for care and reimburses them at a specified percentage of the cost.
pre-existing condition clause
"A clause that used to be included in most individual health insurance policies permitting permanent or temporary exclusion of coverage for any physicalor mental problems the insured had at the time the policy was purchased; under the ACA, insurers now are prohibited from denying coverage for pre-existing conditions, making this clause moot."
preferred provider organization (PPO)
A health provider that combines the characteristics of the IPA form of HMO with an indemnity plan to provide comprehensive health care services to its subscribers within a network of physicians and hospitals.
prescription drug coverage
"A voluntary program under Medicare (commonly called Part D), insurance that covers both brand-name and generic prescription drugs at participating pharmacies. Participants pay a monthly fee and a yearly deductible and must also pay part of the cost of prescriptions, including a co-payment or co-insurance."
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