Insurance Matrix

University of Phoenix Material

Appendix F

Insurance Matrix

|Type of Insurance |Functions |Example of Company |Coverage Characteristics |

|Auto |The function of auto insurance is to provide |Nationwide |Most states, but not all, have a compulsory auto |

| |protection in the event of an automobile accident or |Progressive |insurance law. The minimum required liability coverage|

| |other incident involving a motor vehicle. The policy |GEICO |levels vary, however, as do the mandatory policy |

| |is designed to pay for damage to property as well as |Statefarm |benefits. Insurance in some states is governed by tort|

| |medical expenses of injured parties. |Allstate |laws, in which the party found to be at fault pays the|

| | | |victim's medical expenses and damages (lost wages, |

| | | |pain and suffering and so on), while in other states, |

| | | |no-fault laws hold sway. There, all parties file |

| | | |claims and are generally...