Unit 3 - Risk Management

An amount to be paid for an insurance policy. Typically paid on a per-month basis.

• Premium

• Deductible

• Copay

• Claim

Amount you must pay before your insurance company reimburses you for a filed claim.

• Deductible

• Premium

• Copay

• Claim

Formal request by a policyholder to their insurance company for coverage or compensation for a covered loss or policy event.

• Claim

• Copay

• Deductible

• Personal Injury Protection (PIP)

The maximum an insurance company will pay out on a claim.

• Insurance Limits

• Premium

• Deductible

• Copay

Insurance that provides protection from claims arising from injuries or damage to other people or property. It does not cover your damages if you are at fault in an accident.

• Liability Insurance

• Collision Insurance

• Comprehensive Insurance

• Personal Injury Protection (PIP)

This covers the car of the insured person and pays for repairs after an accident or cash compensation, if the car can't be repaired regardless of who was at fault.

• Collision Insurance

• Comprehensive Insurance

• Liability Insurance

• Personal Injury Protection (PIP)

Covers your car for reasons other than a collision, such as theft, fire, vandalism. This type of coverage is typically required if a loan needs to be taken out for a car.

• Comprehensive Insurance

• Liability Insurance

• Collision Insurance

• Personal Injury Protection (PIP)

Coverage for medical, hospital, and funeral costs of the insured and passengers in the event of an auto accident.

• Personal Injury Protection (PIP)

• Liability Insurance

• Collision Insurance

• Comprehensive Insurance

Protects from damage caused by driver with little or no insurance.

• Uninsured/Underinsured

• Insurance Fraud

• Collision insurance

• Pre-Existing Conditions

A fixed fee you pay for specific medical services, such as a doctor's appointment.

• Copay

• Deductible

• Premium

• Personal Injury Protection (PIP)