InsuranceRenter’s

AutomobileLife

Insurance Terms

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Renter’s InsuranceEstimate the value of your stuff:

Clothes $__________(PJs, socks, shoes, jeans, shirts, etc.)Bedroom furniture $__________(Bed, dresser, nightstand, lamps, etc.)Electronic Equipment $__________(TV, computer, stereo, CDs, DVDs, etc.)Decorative $__________(pictures, lighting, rugs, etc.)Grand Total $_____________

Key Terms:

Proof of Loss (Schedule): verification of purchase (date of purchase, purchased from where, purchase amount).

Premium: the amount paid or to be paid by the policyholder for coverage under the contract, usually in periodic installments.

Deductible: an agreed upon amount, between you and your insurer, that you will pay before the insurance company pays anything. (Can be negotiated, at the time of insurance purchase, to make your premium lower . . . The higher the deductible, the lower the premium).

Key Terms

Actual Cash Value (ACV): the current value of an item. (It's what you would get for something if you would try to sell it in the paper).

Replacement Cost: the cost of an item, if it is replaced new from the store.

Depreciates: the value of an item goes down with time.

Virtual Business Personal Finance

http://www.knowledgematters.com/vbvideolinks/

Insurance Terms

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Key Terms

Conditions: the provisions of an insurance policy.

Policy: common term for the written contract.

Policyholder: one who owns an insurance policy.

Burglary: theft due to forcible entry.

Loss: reduction in the quality or value of property.

Automobile Insurance

http://www.griffithfoundation.org/auto-insurance/auto-insurance-30-minutes/

Why do you need insurance?

It’s the law!

There are risks you can’t afford to take What happens if…

– You’re involved in a crash that causes property damage?

– You hurt yourself or someone else?– Your car is damaged when you’re not driving it?

(by weather, vandalism or a hit-and-run)– Your car is stolen?– Your car breaks down and needs to be towed?

Automobile Insurance

Collision: Pays for damage to your vehicle in case of collision.

Uninsured Motorist: Covers expenses if the at fault driver does not have coverage

Property Damage Liability: Covers things (other cars and property)

Medical: Covers medical and funeral expenses resulting from accidents with your vehicle

Comprehensive Physical Damage: Compensates you for physical damage to your car, including theft, vandalism, natural disasters

Bodily Injury Liability: People costs (medical expenses, lost wages, pain and suffering)

Insurance Terms

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Key Terms

Write: to insure, underwrite or accept and application for insurance

Carrier: common policy term for the insurance company

Coverage: known as the scope of protection

Maturity: date at which life policy becomes payable

Limit: maximum amount of benefits an insurer agrees to pay in the event of a loss

Actuary: specialized mathematician professional who calculates insurance rates

Rate: charge per unit in determining premiums

Annuity: contract that provides income for life or a specified period of time

Term: period of time for which a policy is issued