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Advocates for Young Adults
| Some Insurance terms to get you started: Actual Cash Value (ACV): The amount it would cost today to replace property with comparable property, minus depreciation. Bodily Injury Liability: Insurance that pays for another person’s bodily injury or death in an automobile accident that you caused. Collision: Insurance that pays for damages to your own car if it is involved in a collision, regardless of who is at fault. Collision coverage may carry a deductible - a stated amount that you must first pay out of your own pocket. Comprehensive: Insurance that pays for non-collision losses to your car such as fire, theft, flood, hail, vandalism, glass breakage and falling objects. Coverage: The protection for specific losses provided under the terms of an insurance policy. Deductible: The amount of money the policyholder agrees to pay toward the total amount of an insured loss, before the insurance company pays. Depreciation: The decrease in the value of property due to use, wear and tear, age, obsolescence or other cause. Endorsement: An amendment attached to an insurance policy to add to or change the terms of the policy contract. Insurance Policy: A legal contract that sets forth the rights and obligations of both the policyholder and the insurance company. Insurer: Another name for an insurance company. Liability: The legal responsibility you have to others to compensate them for damages caused by you. Limit: The maximum amount that will be paid for a covered loss by an insurance company. Medical Payments: Insurance that pays the medical expenses, up to the limits purchased, for you or any passengers riding in your car at the time of an accident (Auto insurance) or for others accidentally injured on your property (Renter’s and Homeowner’s insurance), regardless of fault. Named Insured: The person designated on the declarations page of the policy. Peril: The cause of a possible loss, such as fire and theft. Policyholder: A person who has purchased an insurance policy. Policy Term: The period during which the policy provides coverage. Premium: The amount of money you pay to the insurance company in return for insurance protection. Replacement Cost: The amount it would cost today to replace property with comparable property. Note: Insurance companies often reimburse claims on the basis of ACV until the damaged or lost goods are replaced, at which time the depreciation component is then paid to the insured. Risk: The potential for financial loss. Umbrella Policy: A liability insurance policy that takes over where basic liability insurance policies leave off, and is added on top of the limit for another policy, such as a homeowner’ s policy that covers liability. |
| Additional Educational Information and Materials Insurance Education Foundation (www.ief.org) Statistical Information Insurance Information Institute (www.iii.org) Insurance Institute for Highway Safety (www.iihs.org) National Highway Traffic Safety Administration (www.nhtsa.dot.gov) Advocates for Highway and Auto Safety (www.saferoads.org/) Coalition Against Insurance Fraud (www.insurancefraud.org) National Insurance Crime Bureau (www.nicb.org) State-specific Information For state insurance fraud bureau information, see the Coalition Against Insurance Fraud at www.insurancefraud.org/fraud_bureaus_list.htm For links to state insurance bureaus, see www.consumeraction.gov/insurance. shtml For links to state DMV sites, see www.mycarstats.com/content/statemvd.asp Insurance Quotes (Auto, Renter’s, Homeowner’s) www.insureme.com www.insurance.com www.insurancetracker.com www.answerfinancial.com You can also go to web sites for individual insurance companies for quote information. Flood Insurance www.FloodSmart.gov (information and premium estimates) Service-Learning www.servicelearning.org |