37866861
Description
Flashcards by Eli Southard, updated more than 1 year ago
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Created by Eli Southard
about 2 years ago
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| Question | Answer |
| Beneficiary | Person designated to receive the face of value of the life insurance when the insurance when the insured dies |
| Bodily Injury | Auto insurance that pays damages to people injured or killed by your auto |
| Cash Value | Except for term insurance, this indicates the value of the policy when terminated. Options fall under the heading of nonforfeiture values |
| Coinsurance | Type of fire insurance in which the insurer and insured shared the risk. Usually, there is an 80% coinsurance clause |
| Collision | Optional auto insurance that pays for the repairs to your auto from an accident after deductible is met. Insurance company will only pay for repairs up to the value of the auto |
| Comprehensive Insurance | Optional auto insurance that pays for damages to the auto caused by factors other than from collision |
| Compulsory Insurance | Insurance required by law- standard coverage |
| Deductibles | Amount insured pays before insurance company pays. Usually, the higher the deductible, the lower the premium will be |
| Extended Team Insurance | Resulting from nonforfeiture, it keeps the policy for the full face value going without further premium payments for a specific period of time |
| Face Amount | Dollar amount stated in policy |
| Face Value | The amount of insurance that is stated on the policy. it is usually the maximum amount for which the insurance company is liable |
| Fire Insurance | Stipulated percent of value that is required for the insurance company to pay to reimburse one's losses |
| Indemnity | Insurance company's payment to insured for loss |
| Insured | Customer or policyholder |
| Insurer | The insurance company that issues the policy |
| Level Premium Term | Insurance premium that is fixed, say, for 50 years |
| Liability Insurance | Insurance for bodily injury to others and damage to someone else's property |
| No-Fault Insurance | Involves bodily injury. Damage that is paid by am insurance company no matter ho is to blame |
| Nonforfeiture values | When a life insurance policy is terminated, it represents the available cash value, additional extended term, or additional paid-up insurance |
| Paid-up insurance | A certain level of insurance can continue, although the premiums are terminated. This results from the nonforfeiture value. the result is a reduced paid-up policy until death |
| Policy Holder | The insured |
| Premium | Periodic payments that one maxes for various kinds of insurance protection |
| Property Damage | Auto Insurance covering damages that are caused to the property of others |
| Reduced paid-up insurance | Insurance that uses cash value to buy protection, face amount is less than original policy, and policy continues, for life |
| Short-rate table | Fire insurance rate table used when insured cancels the policy |
| Statistician | A person who is skilled at compiling statistics |
| Straight Life Insurance | Protection results from continual payment of premiums by insured. Until death or retirement, nonforfeiture values exist for straight life |
| Term-Insurance | Inexpensive life insurance that provides protection for a specific period of time. No nonforfeiture values exist for term |
| 20-payment life | provides permanent protection and cash value, but insured pays premiums for first 20 years |
| 20-year endowment | Most expensive life insurance policy. it is a combination of term insurance and cash value |
| Universal Life | Whole life insurance plan with flexible premium and death benefits. This life plan has limited guarantees |
| Whole Life | Protection results from continual payment of premiums by insured. Until death or retirement, nonforfeiture value exist for straight life. |
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