Auto Insurance Terms And Definitions Pdf
Your particular insurance policy may define these terms in a different manner which may make a difference if you have to submit a claim.
Auto insurance terms and definitions pdf. An independent agent represents more than one company. A claim may be filed online by phone or in. Other terms conditions and exclusions apply. It can also help you compare car insurance rates accurately as youre shopping for car.
The language of insurance can be quite complex and confusing. Agent the insurance company representative who sells policies on behalf of the insurer. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management including the calculations of premiums policy reserves and other values. Request by an insured for the insurance company to cover an incurred loss.
Below are some commonly used insurance terms and their meanings. Insurance company that actually underwrites and issues the insurance policy. The following glossary of common terms related to automobile insurance may give you a better idea of what is being said. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
Please read your official policy for full details about coverages. 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. Most of the definitions below are provided courtesy of the insurance institute of canada. If there is any conflict between these definitions and the provisions of the applicable insurance policy the terms of the policy control.
Liability or loss resulting from an accident. Other car insurance definitions. There are other auto insurance definitions to go over. This is a provision you can add to your policy that will cover certain medical expenses.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Definitions provided by insurance bureau of canada are indicated with an asterisk. These definitions do not alter or modify the terms of any insurance contract. Definitions of health insurance terms in february 2002 the federal governments interdepartmental committee on employment based health insurance surveys approved the following set of definitions for use in federal surveys collecting employer based health insurance data.
While these provisions are not required by law they are good to have anyway and none are particularly expensive. The term refers to the fact that the company carries or assumes certain risks for the policyholder.