Many insurance companies will give you a ______________ when you purchase both auto and home insurance policy with them
A home insurance policy covers your liability if someone slips on your sidewalk and has a _______________ (2 words)
The part of your home insurance policy that pays for damage you unintentionally cause, person damage or injuries other people
The amount that it would cost you to go out and replace your old damaged TV in the store today (2 words)
The decrease in value of your property or the difference between the ACV and the replacement cost
Proving your ownership of lost or damaged property or the reason Mom says you should keep your receipts (3 words)
The current or "book value" of your personal property (3 words)
If your place has a fire and it is getting fixed, insurance coverage will help pay for a __________ (2 words)
Insurance policy provision that states you will pay a specified amount of a claim before the company pays
A home or renter's insurance policy pays for ______________ if you have a fire and it destroys your home or apartment complex (2 words)
The amount you pay for in exchange for insurance coverage
A request for payment under the terms of the insurance policy
A written document that serves as evidence of an insurance contract with contains the pertinent facts about the policy owner, the insurance coverage, and the insured and insurer
type of insurance that pays for the repair or replacement of an insured car if it is damaged no matter who is at fault. Usually required if there is a loan on the car.
insurance that pays for part of the cost of a rented car if a car is disabled because of a collision.
insurance that covers towing or road service when a car is disabled.
a person who predicts how many customers will submit claims based on a criteria such as age or sex or marital status or driving record and residence.
an extra fee paid to car insurance company for dividing an annual premium into monthly, quarterly or semiannual payments.
part of the repair or damages that a driver has to pay before the insurance company pays.
covers bodily injury during an accident liable, the responsible person that pays for damages they cause with their automobile.
at fault for causing an accident. You can be sued for this.
contract between a person and insurance company. The driver pays a fee and the company covers certain costs when the driver makes a claim. premium, the amount paid for an insurance policy.
a request for payment by a driver involved in an accident to an insurance company.
insurance that covers a person from damages.
insurance that covers damage a driver causes to another person's property.
coverage that pays for injuries to a driver or passengers caused by a driver who has no insurance or does not have enough insurance to cover the medical losses.
an added insurance coverage mandatory in some states that pays for any physical injuries that the driver or passenger sustain while in the vehicle. Also called no fault insurance.
same as personal injury protection.
insurance that covers the repair or replacement of parts of an insured car damaged by fire or vandalism or any other disaster. it also covers if the car is stolen.
Is insurance that protects renters from property and liability risks.
Is an insurance that protects property owners from property and liability.
: Is a written amendment to an insurance policy. Policyholders often use endorsement to add coverage to their policy for an additional premium.
A provision requiring policyholders to insure their building for a stated percentage of its replacement value in order to receive full reimbursement for a loss.
Is an insurance to protect against claims for bodily injury to another person or damage to another person’s property
: Is a dangerous place, condition, or object that is particularly attractive to children, such as swimming pools.
Is automobile insurance that protects you 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 and the other driver’s liability insurance does not have to pay.
Is automobile insurance that pays for medical, hospital, and funeral costs of the insured and his or her family and passengers, regardless of fault.
Is automobile insurance that pays for your injuries when the other driver is legally liable but unable to pay.
Is automobile insurance in which drivers involved in an accident receive reimbursement for their medical and repair expenses from their own insurer.
Known as personal catastrophe policy, supplements your basic auto and property liability coverage by expanding reimbursement limits and including some risks that were excluded in the basic coverage.
: Is insurance coverage for the insured’s move able property wherever it may be located.
The causes might be fire, theft, tornado, hail, water, falling objects, natural disasters, and acts of vandalism.
Business person who analyzes the probabilities of risk/risk management.
Person who sells, services, or negotiates insurance policies either with a company or individually.
Physical injury that can include sickness/disease to a person
A clause in most property insurance policies to encourage policyholders to carry a good amount of insurance. If the insured person doesn’t maintain the amount specified in the clause (usually 80%), the insured person will share a higher proportion of the loss.
The date when an insurance company issues a policy.
Portion of the insured loss paid by the policyholder
Amount at which an asset can be bought or sold in a transaction between willing parties.
The termination of a policy due to failure to pay the required renewal premium.
It is a state assistance program, to provide hospital and medical expense insurance to people over 65 years of age.
Money charged for the insurance coverage reflecting expectation of loss.
Uncertainty including the possibility of loss by an unexpected event for which insurance is used for.
homeowners insurance sold to tenants living in the described property.
The person who identifies and classifies the degree of risk posed by the person trying to be insured. They determine whether or not coverage should be provided and what the rate should be
Insurance that will cover an employer’s liability for injuries or death to people in their employment
The amount that has to be paid by the insured person during a calendar year before the insurer is responsible for more loss costs
When you’re investing or saving, this is the interest that you earn on the amount you deposit, plus any interest you’ve accumulated over time.
A number used by banks and other financial institutions to measure a borrower’s credit worthiness.
The difference between your assets and liabilities.
The process by which you choose what proportion of your portfolio you’d like to dedicate to various asset classes, based on your goals, personal risk tolerance and time horizon.
Commonly referred to as fixed-income securities.
The increase in the value of an asset or investment — like a stock or real estate — above its original purchase price.
The process of buying or selling securities over time in order to maintain your desired asset allocation.
Also called equities or shares.
This is the process of paying off your debt in regular installments over a fixed period of time.
A type of mortgage in which the interest you pay on your outstanding balance rises and falls based on a specific benchmark.
An account held by an impartial third party on behalf of two parties in a transaction.
A mortgage that carries a fixed interest rate for the entire life of the loan.
Employer-sponsored retirement plans, such as pensions, in which the employer promises a specified retirement benefit based on a formula that may include an employee’s earnings history, length of employment and age.
Companies often use these as management incentives.
The payments you make to an insurance company in return for protection from financial losses within the scope of your policy.
Used to determine your taxable income, minus any additional IRS-qualified deductions that you’re eligible to take.
A person who is financially dependent on your income, typically a child or an adult relative you may support.
A standard amount that can be used to reduce your taxable income if you decide not to itemize your deductions.
A qualified expense that the IRS allows you to subtract from your adjusted gross income, which further reduces your taxable income.
A type of policy that provides additional liability coverage beyond what your home, auto or boat insurance may provide.
a situation involving exposure to danger. "flouting the law was too much of a risk"
(in business) the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact
a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. "many new borrowers take out insurance against unemployment or sickness"
a person or group in whose name an insurance policy is held.
An insurance premium is the amount of money that an individual or business must pay for an insurance policy. The insurance premium is considered income by the insurance company once it is earned, and also represents a liability in that the insurer must provide coverage for claims being made against the policy.
a course or principle of action adopted or proposed by a government, party, business, or individual. "the administration's controversial economic policies"
the extent to which something is probable; the likelihood of something happening or being the case. "the rain will make the probability of their arrival even greater"
state or assert that something is the case, typically without providing evidence or proof. "he claimed that he came from a wealthy, educated family"
the extent to which something deals with or applies to something else. "the grammar did not offer total coverage of the language"
able to be deducted, especially from taxable income or tax to be paid. "child-care vouchers will be deductible expenses for employers"
covered by insurance
a person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation.
the state of being responsible for something, especially by law. "the partners accept unlimited liability for any risks they undertake"
serious and immediate danger. "his family was in peril"
a danger or risk. "the hazards of smoking
DEFINITION of 'Insurance Risk Class' A group of individuals or companies that have similar characteristics which is used to determine the risk associated with underwriting a new policy and the premium that should be charged for coverage.
DEFINITION of 'Uninsurable Risk' A hazard or condition that has either a high likelihood of loss, or in which the insurance would be considered against the law. Insurance companies limit their losses by not taking on certain risks that are very likely to soon result in a loss.
Policy provides a list of causes of loss that are covered.
Policy covers all causes of loss except those specifically excluded.
Taking of property using or threatening bodily harm.
Taking of property that involves forcible entry to or exit from the property.
Includes any act of stealing.
Specified amount of each loss the insured must bear.
Process in which a disputed claim is decided by a neutral third party.
Cost to replace property without accounting for depreciation.
Cost to repair or replace minus depreciation.
Acronym used to represent to parts of a policy.
Limit for a single item for a single limit.
Limit for one or more items of property on a single policy with amounts on a schedule.
Limit for property located at more than one location or more than one type of property or both.
Used to encourage insured to carry enough insurance to value.
An organization not normally protected by a policy but through endorsement is granted status as an insured.
A person protected by an insurance contract.
Type of loss that causes direct damage.
Type of loss that is not the result of a peril.
Groups of drugs that have a different cost for each group.
the action you can take if you disagree with a coverage or payment decision made by Medicare, your Medicare health plan, or your Medicare Prescription Drug Plan.
An agreement by your doctor, provider, or supplier to be paid directly by Medicare, to accept the payment amount Medicare approves for the service, and not to bill you for any more than the Medicare deductible and coinsurance.
A geographic area where a health insurance plan accepts members if it limits membership based on where people live.
A coverage rule used by some Medicare Prescription Drug Plans that requires you to try one or more similar, lower cost drugs to treat your condition before the plan will cover the prescribed drug.
A person who has health care insurance through the Medicare or Medicaid programs.
The way that Original Medicare measures your use of hospital and skilled nursing facility (SNF) services.
A written order from your primary care doctor for you to see a specialist or get certain medical services.
A request for payment that you submit to Medicare or other health insurance when you get items and services that you think are covered.
An amount you may be required to pay as your share of the cost for services after you pay any deductibles.
An amount added to your monthly premium for Part B or a Medicare drug plan (Part D) if you don't join when you're first eligible. You pay this higher amount as long as you have Medicare. There are some exceptions.
Approval that you must get from a Medicare drug plan before you fill your prescription in order for the prescription to be covered by your plan.
The amount you must pay for health care or prescriptions before Original Medicare, your prescription drug plan, or your other insurance begins to pay.
A type of Medicare prescription drug coverage determination, a drug plan's decision to cover a drug that's not on its drug list or to waive a coverage rule
A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits.
A complaint about the way your Medicare health plan or Medicare drug plan is giving care.
Health care that you get when you're admitted to a health care facility, like a hospital or skilled nursing facility.
The facilities, providers, and suppliers your health insurer or plan has contracted with to provide health care services.
Home Mortgage ___________ Act
Comparison of your loan amount to the value of your home
Percentage of your debt divided by your gross income
Spouse that will only be on title but not on loan
Insurance that protects lenders/investors for losses due to the event of default of a mortgage loan
Document that most be provided withing 72 hours of taking an application
Document provided prior to closing that replaces the HUD-1 and TIL
Document filed to show lien with lender is a Deed of _______
Sketch of a property showing its boundaries
History of the title showing current owners and liens
Nationwide registraction system for mortgage loan originators
Origination, appraisal, and survey fees are know as _____________ costs.
Insurance protecting the lender is known as a _____________ policy
We use the borrowers __________ income to qualify them for a loan
FHLB stands for _____________ Home Loan Bank
Intergrated Disclosure regulation that went into effect October 3rd, 2015
Computer generated loan underwriting system
An ___________ account is set up to pay taxes and insurance on a yearly basis
Right of _____________ gives a borrower 3 days to decide if they wish to continue with a loan
A Mortgage _____________ is in charge of receiving payments, paying taxes and insurance, etc.
The cost for shipping the vehicle from factory to dealer
having a car that you rent for a period of time
An amount of money that is reported as a percent of the sticker price
the price of the engine, chassis and any other piece of standard equipment
the total of the base price, options price and destination charge
extras for convenience, safety or appearance
it protects you from losses caused by fire, vandalism and thief
give the average prices for vehicles purchased during a month before
in the insurance policy it states that you pay a portion of any repair bill
insurance that covers bodily injury and property damage
decrease in the value of your vehicle because of age
a car, bus, truck, van, SUV,
the value of the automobile when it was new minus depreciation
decline in value of an asset because of use
requires drivers to pay for any damages or injuries they cause in an accident
requires drivers to have a minimum amount of car insurance
drivers involved in car accidents collect damages from their own insurer no matter who is at fault.
request for payment from an insurer for any damages covered by a policy
amount in damages a policyholder must pay before the insurance company pays a claim
property attached to land, house, business, garage, or other building.
consists of possessions that can be moved
insure against damage due to fire or lightning
add other types of protection to basic policy
an addition to a policy that cover specific property or damages
full cost of repairing or replacing the property, regardless of the depreciation value