Fred Loya Insurance
Automobile Insurance - correct answer-A contract between two parties... the policyholder
and the company.
Agent - correct answer-Licensed individual or organization authorized to sell/service
insurance policies.
License - correct answer-Certificate of authority to transact insurance buisness.
Insured - correct answer-The policy-holder entitled to covered benefits in case of an accident
or loss.
Insurer - correct answer-The insurance company who issues the insurance and agrees to
pay for losses and provide covered benefits.
Quotation - correct answer-An estimate of the cost of insurance based on the information
supplied to the agent, broker, or insurance company.
Commissioner of Insurance - correct answer-This is the title of the head of the California
Department of Insurance.
Commision - correct answer-A portion of the policy premium that is paid to an agent by the
insurance company as compensation for the agent work.
Policy - correct answer-An agreement between insured and insurer that states the rights and
duties of each party.
Premium - correct answer-The amount (in dollars) of what a policy is worth for a specified
period of time (monthly or annually)
Limits - correct answer-The maximum amount of benefits the insurance company agrees to
pay in event of a loss.
Liability Insurance - correct answer-Coverage for a policyholder's legal liability resulting from
injuries to other persons or damage to their property.
Comprehensive Coverage - correct answer-Pays for damage to your car caused by reason
other than collision.
Collision - correct answer-Pays for damage to your car caused by physical contact with
another vehicle or with another object such as a tree, boulder, gaurdrail, structure,etc.
Deductible - correct answer-The amount that the policyholder is responsible to pay up-front
before covered benefits from the insurance company are payable. This is applicable to
comprehensive or collision coverage only.
Automobile Insurance - correct answer-A contract between two parties... the policyholder
and the company.
Agent - correct answer-Licensed individual or organization authorized to sell/service
insurance policies.
License - correct answer-Certificate of authority to transact insurance buisness.
Insured - correct answer-The policy-holder entitled to covered benefits in case of an accident
or loss.
Insurer - correct answer-The insurance company who issues the insurance and agrees to
pay for losses and provide covered benefits.
Quotation - correct answer-An estimate of the cost of insurance based on the information
supplied to the agent, broker, or insurance company.
Commissioner of Insurance - correct answer-This is the title of the head of the California
Department of Insurance.
Commision - correct answer-A portion of the policy premium that is paid to an agent by the
insurance company as compensation for the agent work.
Policy - correct answer-An agreement between insured and insurer that states the rights and
duties of each party.
Premium - correct answer-The amount (in dollars) of what a policy is worth for a specified
period of time (monthly or annually)
Limits - correct answer-The maximum amount of benefits the insurance company agrees to
pay in event of a loss.
Liability Insurance - correct answer-Coverage for a policyholder's legal liability resulting from
injuries to other persons or damage to their property.
Comprehensive Coverage - correct answer-Pays for damage to your car caused by reason
other than collision.
Collision - correct answer-Pays for damage to your car caused by physical contact with
another vehicle or with another object such as a tree, boulder, gaurdrail, structure,etc.
Deductible - correct answer-The amount that the policyholder is responsible to pay up-front
before covered benefits from the insurance company are payable. This is applicable to
comprehensive or collision coverage only.
