Chapter 20

Questão	Responda
Beneficiary	Person(s) designated to receive the face of value of the life insurance when the insured dies.
Bodily Injury	Auto insurance that pays damages to people injured or killed by your auto.
Cash Value	Except for term insurance, this indicates the value of the policy when terminated. Options fall under the heading of nonforfeiture values.
Coinsurance	Type of fire insurance in which the insurer and insured shared the risk. Usually, there is an 80% coinsurance clause.
Collision	Optional auto insurance that pays for the repairs to your auto from an accident after deductible is met. Insurance company will only pay for repairs up to the value of the auto (less deductible).
Comprehensive Insurance	Optional auto insurance hat pays for damages to the auto caused by factors other than from collision (fire, vandalism, theft, and the like).
Compulsory Insurance	Insurance required by law - Standard Coverage
Deductibles	Amount insured pays before insurance company pays. Usually the higher the deductible, the lower the premium will be.
Extended Term Insurance	Resulting from nonforfeiture, it keeps the policy for the full face value going without further premium payments for a specific period of time.
Face Amount	Dollar amount stated in policy.
Face Value	The amount of insurance that is stated on the policy. It is usually the maximum amount for which the insurance company is liable.
Fire Insurance	Stipulated percent (normally 80%) of value that is required for the insurance company to pay to reimburse one's losses.
Indemnity	Insurance company's payment to insured for loss.
Insured	Customer or policyholder
Insurer	The insurance company that issues the policy.
Level Premium Term	Insurance premium that is fixed, say, for 50 years.
Liability Insurance	Insurance for bodily injury to others and damage to someone else's property.
No-Fault Insurance	Involves bodily injury. Damage (before a certain level) that is paid by an insurance company no matter who is to blame.
Nonforfeiture Values	When a life insurance policy is terminated (except term), it represents (1) the available cash value, (2) additional extended term, or (3) additional paid-up insurance.
Paid-Up Insurance	A certain level of insurance can continue, although the premiums are terminated. This results from the nonforfeiture value (except term). The result is a reduced paid-up policy until death.
Policy Holder	The insured.
Premium	Periodic payments that one makes for various kinds of insurance protection.
Property Damage	Auto insurance covering damages that are caused to the property of others.
Reduced Paid-Up Insurance	Insurance that uses cash value to buy protection, face amount is less than original policy, and policy continues, for life.
Short-Rate Table	Fire insurance rate table used when insured cancels the policy.
Statistician	A person who is skilled at compiling statistics.
Straight Life Insurance	Protection (full value of policy) results from continual payment of premiums by insured. Until death or retirement, nonforfeiture values exist for straight life.
Term-Insurance	Inexpensive life insurance that provides protection for a specific period of time. No nonforfeiture values exist for term.
20-Payment Life	Provides permanent protection and cash value, but insured pays premiums for first 20 years.
20-Year Endowment	Most expensive life insurance policy. It is a combination of term insurance and cash value.
Universal Life	Whole life insurance plan with flexible premium and death benefits. This life plan has limited guarantees.
Whole Life	Protection (full value of policy) results from continual payment of premiums by insured. Until death or retirement, nonforfeiture value exist for straight life.

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	Criado por SAM HARRIS 17 dias atrás