Education News 10 December
Car insurance resource would be complete without a comprehensive glossary of car insurance terms. We've compiled a list of terms and their definitions to better help you navigate the sometimes confusing world of insurance
મહત્વપૂર્ણ લિંક
ઘરભાડા ની ગણતરી માટે એક્સલ કેલ્ક્યુલેટર ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો
Accident - This is an unexpected sudden event that causes property damage to an automobile or bodily injury to a person. The event may be an at-fault or not-at fault and it may be report or unreported. An accident involving two vehicles may be termed a collision.
Accident report form - This is the report filed by police, often called the police report, containing the important information regarding the vehicle collision. This report will include the names of all individuals involved, vehicles involved, property damaged and citations that were issued.
Adjuster - This is the person who will evaluate the actual loss reported on the policy after an accident or other incident. They will make the determination on how much will be paid on the auto insurance policy by the Insurer.
Agent - This is a licensed and trained individual who is authorized to sell and to service insurance policies for the auto insurance company.
At Fault - This is the amount that you, the policy holder, contributed or caused the auto collision. This determines which insurance agency pays which portion of the losses.
Auto Insurance Score - This is a score similar to credit score that evaluates the information in your consumer credit report. These scores are used when determining pricing for your auto insurance policy. Negative marks on your credit report can increase your auto insurance premiums. The use of this information to determine policy pricing does vary from state to state.
Automobile Insurance - This is a type of insurance policy that covers and protect against losses involving automobiles. Auto Insurance policies include a wide range of coverage's depending on the policy holders needs. Liability for property damage and bodily injury, uninsured motorist, medical payments, comprehensive, and collision are some of the common coverage's offered under an auto insurance policy.
Binder - This is a temporary short-term policy agreement put in place while a formal permanent policy is put into place or delivered.
Bodily Injury Liability - This is the section of an insurance policy that covers the cost to anyone you may injure. It can include lost wages and medical expenses.
Broker - This is a licensed individual who on your behalf sells and services various insurance policies.
Claim - This is a formal notice made to your insurance company that a loss has occurred which may be covered under the terms of the auto insurance policy.
Claims Adjuster - This person employed by the insurance agency will investigate and settle all claims and losses. A representative for the insurance agency to verify and ensure all parties involved with the loss, get compensated fairly and correctly.
Collision - The portion of the insurance policy that covers damage to your vehicle from hitting another object. Objects can include but are not limited to; another vehicle, a building, curbs, guard rail, tree, telephone pole or fence. A deductible will apply. Your insurance company will go after the other parties insurance policy for these cost should they be at fault.
Commission - This is the portion of the auto insurance policy that is paid to the insurance agent for selling and servicing the policy on behalf of the company.
Comprehensive - This is a portion of the insurance policy that covers loss caused by anything other than a collision or running into another object. A deductible will apply. This includes but is not limited to vandalism, storm damage, fire, theft, etc.
Covered loss - This is the damage to yourself, other people or property or your vehicle that is covered under the auto insurance policy.
Declarations Page - This is the part of the insurance policy that includes the entire legal name of your insurance company, your full legal name, complete car information including vehicle identification numbers or VIN, policy information, policy number, deductible amounts. This page is usually the front page of the insurance policy.
Deductible Amount - This is the portion of the auto insurance policy that is the amount the policy holder must pay up front before the Insurance Company contributes and is required to pay any benefits. This amount can be within a wide range in price and varies from approximately $100 - $1000. The larger amount you pay in a deductible the lower your normal monthly/yearly policy will cost. This is the portion of the auto insurance policy that would be applicable only to comprehensive or collision coverage.