Chapter 5 Flashcards
A percentage paid to the government of sales on products or services.
Sales Tax
Single numbers, such as the mean, median, and mode, designed to represent a “typical” value for the data.
Measures of Central Tendency
The sum of all the numbers in a data set divided by the number of elements in the data set, often referred to as the average.
Mean
The middle number when numbers are in ascending or descending order.
Median
Numbers in a data set that are extreme values.
Outlier
When the mean of a data set is not equal to the median.
Skew
The most often occurring value in a data set. There can be more than one.
Mode
Responsible for damages caused.
Liable
At fault for damages caused.
Negligent
The amount paid for an insurance policy.
Premium
A request for payment by a driver involved in an accident to an insurance company that provides automobile insurance for a driver.
Claim
A type of insurance that covers a person from damages; most states set minimum liability requirements.
Liability Insurance
Covers bodily injury if a driver is at fault in an accident.
Bodily Injury Liability
Insurance coverage that pays for damage a driver causes to another person’s property.
Property Damage Liability
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.
Uninsured/Underinsured Motorist Protection
An added type of insurance coverage mandatory in some states, that pays for any physical injuries that the driver or the passengers sustain while in the vehicle, even if there is no traffic accident; sometimes called no-fault insurance.
Personal Injury Protection
A type of insurance that covers the repair or replacement of parts of an insured car damaged by vandalism, fire, flood, wind, earthquakes, missiles, falling objects, riots, tree sprays, and other disasters; it also covers if the car is stolen.
Comprehensive Insurance
A type of insurance that pays for the repair or replacement of an insured car if it is damaged in a collision with another vehicle or object, or if it overturns, no matter who is at fault. This type of insurance is usually required if there is a loan on the car.
Collision Insurance
A value that tells how dispersed or spread out a data set is.
Range
The distance a car travels while braking to a complete stop.
Braking Distance
A statistician who predicts how many customers will submit claims based on criteria such as age, sex, marital status, driving record, and residence.
Actuary
The distance a car travels during a reaction or thinking time.
Reaction Distance
The time that the average, alert driver takes to switch from the gas pedal to the brake pedal; usually 0.75 second to 1.5 seconds.
Reaction Time
A device that tells the rate at which the car is traveling.
Speedometer
An extra fee paid to an automobile insurance company for dividing an annual premium into monthly, quarterly, or semiannual payments.
Surcharge
Part of the repair or damages that a driver has to pay before the insurance company pays.
Deductible
Decrease in value over time.
Depreciate
Increase in value over time.
Appreciate
The devaluation of a car using historical data.
Historical Depreciation
A gauge on the dashboard of a car that indicates the distance the car has traveled since it left the factory.
Odometer
