AINS 102: Understanding Personal Insurance Latest 2024 Rated A+

Arbitration An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding. Attachment The act of seizing property to secure a judgment. Catastrophe A single event that causes widespread losses. Civil law A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others. Compensatory damages A payment awarded by a court to reimburse a victim for actual harm. Compulsory auto insurance law Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle can be licensed or registered.Criminal law The branch of the law that imposes penalties for wrongs against society. Cross-selling Selling new types of insurance products to existing clients. Damages Money claimed by, or a monetary award to, a party who has suffered loss or injury for which another party is legally responsible. Deductible A portion of a covered loss that is not paid by the insurer. Financial responsibility laws Law enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. First party The insured in an insurance contract. Floater A policy designed to cover property that floats, or moves, from location to location.Flood Insurance Rate Map (FIRM) A map that shows exact boundaries for special flood hazard areas, the various flood zones, and base flood elevations. General damages A monetary a