Insurance Operations 2013 Chapter 3: Property and Casualty Insurance on Land, Sea, and Air

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1 Chapter 3: Property and Casualty Insurance on Land, Sea, and Air Tools: Printer 8.5 x 11 paper Scissors Directions: 1. Print 2. Fold paper in half vertically 3. Cut along dashed lines Copyright Goodheart-Willcox Co., Inc. All rights reserved.

2 automobile insurance Coverage for passenger vehicles and protects the beneficiary against the financial aspects of a traffic accident. 01 of 24 E-Flash Cards motorcycle insurance Coverage for any two- or threewheeled motor vehicle that a person rides on roads and highways. 02 of 24 E-Flash Cards bodily injury liability insurance A type of automotive insurance that protects the person who causes an accident against financial claims. 03 of 24 E-Flash Cards property damage liability insurance Automotive insurance that pays for damages the policyholder's vehicle causes to another person's property in the event of an accident. 04 of 24 E-Flash Cards

3 property damage insurance Automotive insurance that covers physical damage to a policyholder's car. 05 of 24 E-Flash Cards collision coverage Pays for the damage to a policyholder's car as the result of the collision. 06 of 24 E-Flash Cards totaled A state of a car after an accident in which repairs to the car would cost more than the car is worth or in which the car cannot be repaired. 07 of 24 E-Flash Cards comprehensive coverage Automotive insurance that pays for damages to a car that result from causes other than collisions. 08 of 24 E-Flash Cards

4 financial responsibility laws Legislation that requires licensed drivers buy a minimum amount of automobile liability insurance. These laws are intended to ensure drivers can pay claims for accidents they cause. 09 of 24 E-Flash Cards uninsured liability coverage Automotive insurance in which the policyholder's insurance company will pay for treating his or her injuries, if he or she collides with an uninsured driver. 10 of 24 E-Flash Cards underinsured liability coverage Automotive insurance in which the policyholder's insurance company will pay for treating his or her injuries, if he or she collides with an underinsured driver. 11 of 24 E-Flash Cards credit score A numerical value that reflects your credit history. 12 of 24 E-Flash Cards

5 underwriter An insurance company employee who uses the information supplied on insurance applications to figure out what level of risk a person presents to the company. 13 of 24 E-Flash Cards ocean marine insurance Insurance that provides coverage for ocean going ships and the cargo they carry. 14 of 24 E-Flash Cards marine cargo policy Covers ocean-shipped cargo from where it is picked up through its arrival at the buyer's location. 15 of 24 E-Flash Cards hull policy Marine insurance that covers personal watercrafts (PWC). 16 of 24 E-Flash Cards

6 cargo war risk policy Coverage for cargo from the perils of war, which may exclude some regions. 17 of 24 E-Flash Cards yacht policy A marine vehicle coverage plan that covers vessels like yachts, motorboats, and sailboats. 18 of 24 E-Flash Cards personal watercraft (PWC) A small one- or two-person marine vessel such as a Jet Ski or WaveRunner. 19 of 24 E-Flash Cards inland marine insurance Covers marine property and equipment when said property is on land, in storage, or away from a body of water in some capacity. 20 of 24 E-Flash Cards

7 aviation insurance Protects against financial loss involving aircraft. 21 of 24 E-Flash Cards aviation hull insurance Covers the aircraft and all parts permanently attached to it. 22 of 24 E-Flash Cards aircraft liability insurance Protects the insured if an accident causes injury or death to passengers or others. 23 of 24 E-Flash Cards war risk insurance Provides coverage for acts of terrorism and war. 24 of 24 E-Flash Cards

Math for Financial Literacy 2013 Chapter 7: Credit Cards

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