overinsures
Gets too much protection
Overinsures means to insure something for more than its actual value, or to purchase more insurance coverage than necessary.
A homeowner who overinsures a property worth $300,000 by taking out a $500,000 policy pays unnecessary premiums.
The company overinsures its fleet of vehicles as a precaution against total losses.
Spend beyond means
- redundancyNeedless duplication
- surplusAmount exceeding requirement
- overkillUnnecessary additional effort
- overprotectionExcessive safeguarding of another
overcoverage · waste · inefficiency · extravagance · overabundance · superfluity · overpaying · padding
Careful to avoid risk
- hedgingNoncommittal maneuvering
- conservativeCautious about altering customs
- anxiousTroubled by uncertainty
- waryGuardedly alert
defensive · apprehensive · fearful · guarded · nervous · timid · pessimistic · overcautious
Payments for insurance coverage
- policyholderOwner of insurance contract
- underwriterOne who assumes financial risk
- deductibleOut-of-pocket threshold amount
- liabilityLegal or financial obligation
indemnity · beneficiary · claims · actuary · coverage limits · umbrella policy · double coverage · blanket coverage
overspend
Spend beyond means
- redundancyNeedless duplication
- surplusAmount exceeding requirement
- overkillUnnecessary additional effort
overprotection · overcoverage · waste · inefficiency · extravagance · overabundance · superfluity · overpaying · padding · overcompensation
cautious
Careful to avoid risk
- hedgingNoncommittal maneuvering
- conservativeCautious about altering customs
- anxiousTroubled by uncertainty
wary · defensive · apprehensive · fearful · guarded · nervous · timid · pessimistic · overcautious · paranoid
premiums
Payments for insurance coverage
- policyholderOwner of insurance contract
- underwriterOne who assumes financial risk
- deductibleOut-of-pocket threshold amount
liability · indemnity · beneficiary · claims · actuary · coverage limits · umbrella policy · double coverage · blanket coverage