Insurance Lingo

A person or company that sells customers policies from a number of insurance companies is called_______________

The type of coverage that lasts for only a specified period of time and has a defined ending date. The face amount would be paid to the designated beneficiary if the Insured dies while the policy is in force.

The principle upon which all auto insurance contracts are based. According to this principle, the objective of insurance is to restore the insured to the same financial position after a loss that he or she was in prior to the loss.

Something which is not covered by a policy

An endorsement added to an insurance policy, or a clause included in the policy, to provide additional coverage for risks other than those covered under the basic policy provisions.

The type of coverage that pays for damage to your vehicle sustained as a result of fire, theft, vandalism, or various other stated causes

The money an insured person pays for a policy is called a ______?

A specialist in the mathematics of risk, especially as it relates to insurance calculations such as life expectancy, prediction of accident frequency, and loss reserving.

The type of coverage that pays for injuries, including death, which you and/or other occupants of your vehicle sustain as a result of a collision with an uninsured driver who is at fault. (3 words)

The last date a claim can be made under a policy is called the _______?

What do you call the document an insurance company provides an insured person which lists their coverage?

Individual employed by an insurance company to settle claims brought by policyholders or claimants. The adjuster evaluates each claim and then makes payment based on the coverage available in its policy contract

In auto insurance,__________ is used to determine the actual cash value of a vehicle, in the event it is determined to be a total loss. Factors such as miles driven, model year and overall condition will be used to determine the current

Some auto insurance policies have a ____ _____ that allows customers to make a payment after the due date. But, many companies will not accept a payment after the date shown on a cancellation notice.

The person(s) designated to receive the proceeds of the life insurance policy upon the death of the Insured.

Insurance which covers the costs or doctors, hospitals, medicines etc.

Another name for car _ _ _ _ _ _ _ _ _ _

LTD

FMV

Coverage options that can be added to an insurance policy, sometimes for a fee. These benefits are subject to limitations and exclusions as detailed in them.

The type of coverage that pays for the damages to your vehicle sustained as a result of a crash with another vehicle or object.

Some medical issue a person may have before signing up for insurance which may be excluded in the policy.

A false insurance claim is the crime F _ _ _ _

That’s the amount that will be paid to the named beneficiary upon death of the insured (less any outstanding policy loans and interest. (2 words)

A specified amount of money that the insured must pay before an insurance company will pay a claim. D _ _ _ _ _ _ _ _ _