Chapter 10 Flashcards
premium
the periodic
payment made on an insurance
policy
declaration page
the
policy page that lists the
insurance company’s name and
address, the policyholder, the
coverage dates, and the
contracted coverage amounts
liability insurance
insurance that only covers the
driver’s legal responsibilities if
they are at fault for an accident
loss payee
in an insurance
contract, the third-party lien
holder who gets paid if there is
a claim on the insurance
full coverage
insurance
that includes comprehensive
and collision insurance
comprehensive
insurance
insurance that
covers an insured vehicle for
damage other than collision such
as fire, theft, weather, impacts
with animals, or vandalism
deductible
the amount of
money one must pay before the
insurer will begin to pay on a
claim
collision insurance
insurance that covers the
payment of repairs to a vehicle
damaged in a collision
salvage value
the value
of a damaged vehicle if it were
sold for scrap metal or to an
individual or company for repair
roadside assistance
insurance coverage to pay for
towing if your vehicle is disabled
insurance coverage to pay for
towing if your vehicle is disabled
insurance to cover the cost of
a rental vehicle if your vehicle
is stolen or being repaired;
usually involves a per-day limit
as well as a limit on the
number of days
SR-22 liability
insurance
liability
insurance required by states
for high-risk drivers
copayment
amount you
must pay for each particular
visit, service, or drug
coinsurance
percentage
you must pay until you reach
your maximum out-of-pocket
expense amount
exclusions
stated items
that are not covered by an
insurance policy
