Auto Insurance Definitions And Terms
Definitions and terms explained.
Auto insurance definitions and terms. These definitions represent a common or. This is a provision you can add to your policy that will cover certain medical expenses. While these provisions are not required by law they are good to have anyway and none are particularly expensive. If you feel like you need to take a foreign language course to speak insurance dont worry youre not alone.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. A claim may be filed online by phone or in. The fair market value of property. Car insurance for dummies.
Although still used today to insure substandard risks two wheel motorized vehicles and commercial autos the basic auto policy has been primarily replaced by the personal auto policy which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle. If there is any conflict between these definitions and the provisions of the applicable insurance policy the terms of the policy control. Insurance company that actually underwrites and issues the insurance policy. Definitions and terms explained.
As it is essential to purchase a valid insurance coverage for the car before rolling it down the roads every individual must have a know how of these terms. Glossary of insurance terms and definitions. With accident forgiveness not available in ca ct and ma on your geico auto insurance policy your insurance rate wont go up as a result of your first at fault accident. Other car insurance definitions.
Please read your official policy for full details about coverages. But you need to at least understand the basic auto insurance terms because they spell out what you are and arent covered for in your policy. Car insurance glossary. These definitions do not alter or modify the terms of any insurance contract.
Auto insurance glossary of terms. Liability or loss resulting from an accident. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. There are other auto insurance definitions to go over.
When you are new to the car insurance scene you might have a lot of questions. A motor vehicle registration method that required the operator of a motor vehicle to carry a card that was stamped by each state that the vehicle was operated in. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Car insurance for dummies.
Car insurance isnt the simplest thing in the world and there are a lot of details that you should learn. Other terms conditions and exclusions apply. Several car insurance terms and definitions are used that correlate with the motor insurance policies claims and coverage. Technically replacement cost less depreciation.