17 Liability Insurance - Prentice-Hall, Inc. The Personal...

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Prentice-Hall, Inc. 1 Chapter 10 Property and Liability Insurance Auto Insurance The Personal Automobile Policy (PAP) • ________ million car crashes in the U.S. annually, or about 1 accident for every 5 licensed drivers. Terms • _________________ Insurance : protects against the financial consequences from the insured’s responsibility for property losses or injuries to others. • _________________ (Full coverage ) This term applies when your vehicle is encumbered by a loan. You must insure against liability and for the value of the vehicle itself. Terms: • _____________ : limit what a company must pay for small losses. • _____________ : The monthly payment you pay for your insurance coverage • _____________: The terms, or conditions of your coverage. The Personal Automobile Policy (PAP) • PAP Part A: Liability Coverage • PAP Part B: Medical Expense Coverage • PAP Part C: Uninsured Motorist’s Protection Coverage • PAP Part D: Coverage for Damage to Your Car • Standard exclusions • No-fault insurance PAP Part A: ________ Coverage • Covers bodily injury losses • Covers property damage losses • Can be a combined single limit or a split- limit coverage • Most states require a minimum coverage • Covers losses due to a lawsuit
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This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at University of Georgia Athens.

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17 Liability Insurance - Prentice-Hall, Inc. The Personal...

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