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Terms
Insurance- is a contractual arrangement that protects against loss. Indemnify- one party pays to compenstate for such harm. Insurer- party who agrees to idemnify. Beneficiary- the recipient of the amount to be paid. Policy- written contract of insurance Face Value- a policy is the stated maximum amount that could be paid if the harm a person is insured against occurs. Premium Consideration- for a contract insurance. Risk- possible loss arising from injury to or death of a person or from damage to property from a specified peril. Insurable interest- potential to sustain loss is referred Property insureance- intended to indemnify for harm to the insured's personal or real property brought about by perils such as fire, theft, and windstorm. Casualty insurance- type of insurance that indemnifies for lossed resulting from accident, chance, or negligence. Exclusions- are expressly stated in the policy. Endorsement- standard policy and forms may also be modified (also known as riders) Coinsurance- is a clause in the fire insurance policy that requires the insured to maintain coverage equal to a certain persentage of the total current value of the insured property. Inland marine insurance- was developed by fire insurance companies to indemnify for loss to most personal property while it is being transported. Liability insurance- is a type of casualty insurance that indemnifies against personal injury or property damage claims for which the insured is legally responsible. Automobile insurance- primary among these is coverage is liability. Collision insurance- protects against direct and accidental damage due to (a) colliding with another object, such as a tree or bridge abument and (b) upset, such as the overturn suffered. Comprehensive insurance- indemnifies against all damage to the insured's car except that caused by collision or upset. No- Fault insurance- requires that oarties to an automobile accident be indemnified by their own insurance company regardless of who is at fault. Life insurnace- is a contractual arrangement under which an insurer promises to pay and agreedupon amount of mone to a named party upon the death of a particular person.

Concepts in brief
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