Financial ed quiz review pt.1

Underwriter

Another name for insurance

Insured

The individual protected by insurance coverage

Policy

A contract between an insurance company and the insured that provides protection from the risk in exchange of a premium

Premium

The money paid to the underwriter for insurance coverage

Deductible

The amount the insurance pays on a claim before the insurer pays the remaining balance

Claim

A formal request by the policy holder to have the insurance company make payment for a loss

Estimate

Ballpark cost to repair or replace a covered item

Claims adjuster

Person who reviews claim evidence to determine if a claim will be paid-and how much bases on policy details

Insurance settlement

Payment by insurance company

Insurance fraud

Lying to get coverage over something that isn't covered

Umbrella policy

Multiple insurance policies from the same company

Comprehensive

Covers everything except collision

Collision

Covers when vehicle is moving

Deductible relationship to premium

Higher deductible lower premium