Certain … Ask Customer Service for assistance. Record of moving violations and license status. The importance of having insurance for your vehicle is to act as a guarantee that in case the worst ever happens, you and your car will be covered/protected by the insurance company. According to the Insurance Information Institute, consumers spend an average of $866.31 on car insurance annually. Car Insurance Terms & Definitions for Dummies Before taking any auto insurance for the first time, t is a good idea to get familiarized with the common insurance terms and definitions. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Since the invention of the first car with an internal combustion hydrogen engine in 1807, automotive terminology has confused those not “in the know”. This is in contrast to a split limit policy that has separate limits for bodily injury per person, bodily injury per accident, and property damage per accident. Time period during which an insurance policy is in force. 1. On an auto insurance policy, a Loss Payee is the institution that financed the loan or lease of the vehicle. Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. New terms will be added to the glossary over time. Comprehensive pays to repair or replace your car if it's stolen or damaged as a result of a storm or other natural event. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance: For example, your insurance provider might pay 80% of your claim leaving you responsible for paying the remaining 20%. Torque. The purchase price and/or the car payments are just the most obvious of costs. Nearly every state requires car owners to carry the following auto liability coverage: 1. Collision: If you’re in an automobile accident, regardless of who is at fault, collision insurance provides protection to replace or repair your vehicle, subject to a deductible. An insurance policy that helps protect company vehicles or vehicles used for work. Property And Casualty Insurance Glossary. If you plan to start a new policy or renew your current policy with a different carrier or agency, it is important to review and understand the policy differences behind individual quotes from multiple carriers. Combined single limit (CSL) auto insurance policies have a single amount for liability payment limits for both property damage and bodily injury. One of the key decisions in deciding what car to buy is assessing how much all the other costs are that come with ownership. Industries. Comprehensive: In the event of hail damage or a tree limb falling on your car (risks not involving an automobile collision), this coverage insures you. We've curated a list of P&C insurance terms and definitions - to help you better understand the often confusing legal language of insurance. But, you need to at least understand the basic auto insurance terms because they spell out what you are and aren't covered for in your policy. Other terms, conditions and exclusions apply. *FREE* shipping on qualifying offers. Health insurance, car insurance, and life insurance are a part of everyday life. Claims history database created by ChoicePoint. Insurance plans can differ in which providers you can see and how much you have to pay. The insurance agents are supposed to explain these terms to you and they will do that as well. It’s important to understand your costs and key health insurance terms, so you’ll know what services your plan will pay for and how much each visit or … We've curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Auto insurance can be confusing! A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. Not every traffic incident actually appears on your MVR. Exclusion A provision in an insurance policy that excludes and/or limits certain coverages. Glossary of Insurance Terms That Are Good To Know Here is an insurance glossary or list of travel insurance terms that you need to know when searching for a policy. Personal injury protection (PIP) is a coverage in which your own insurance company pays you for medical, hospital and funeral expenses resulting from a car accident, regardless of who's at fault. Understanding Car Insurance Policy For Dummies – Car insurance is a cover that is provided for all types of cars ranging from trucks, passenger cars and SUVs. Based on a work at www.EINSURANCE.com. Commercial auto insurance Employment practices liability insurance Directors & officers insurance View all policies. An insured individual or a beneficiary who receives a loss payment from an insurer. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Every industry has its own jargon, and the property and casualty insurance business is no exception. We’ve listed some common car terms and their meanings. By Jack Hungelmann . Since the invention of the first car with an internal combustion hydrogen engine in 1807, automotive terminology has confused those not “in the know”. Compensation may impact where they appear, including the order in which they appear. Select the first letter of the word or term to locate a definition and brief description. This is the amount you’ll have to cover before insurance pays a cent. Insurance Terms And Definitions. When it comes to your auto coverage you will run into a lot of terms that describe the various parts of a policy. Homeowners Insurance Glossary of Terms. In February 2002, the Federal Government's Interdepartmental Committee on. Auto Insurance Terms (R – Z) Rental Reimbursement Coverage: Rental reimbursement provides rental car expenses if you have a claim that is covered under comprehensive or collision coverage. To gain insight into your company’s insurance policy, it’s helpful to have a grasp of basic business insurance terms. All Rights Reserved. Collision and Comprehensive - Collision coverage pays to repair or replace your car Collision coverage pays to repair or replace your car no matter who or what caused the accident. Car servicing customer satisfaction survey results. EINSURANCE Glossary by E-Insure Services, Inc. is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License. This website does not include all of the products and services available nor all of the companies that offer them.950 Tower Ln, Suite 600, Foster City 94404, 950 Tower Ln, Suite 600, Foster City 94404. This glossary provides business insurance definitions for terms you might encounter while researching policies for your business and maintaining existing coverage. Lower policy premiums may be the result of decreased payout benefits, higher deductibles, or maximum damages allowed. A statement added to an insurance policy that alters, deletes or adds coverage, terms or provisions of the policy. This includes property damage and inj… The term "property insurance" includes many lines of available insurance. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. So, if your deductible was $2,500, you’d pay for half of the $5,000 worth of damage first, then insurance would cover the rest. Medical Insurance Terminology For Dummies. Commercial Auto Insurance. Copyright © 2020 Insurance.com. Sample declaration page. 2. Split limit policies have three separate amounts for liability payment limits: one for bodily injury per person, one for bodily injury per accident, and one for property damage per accident, usually in that order. Bodily Injury Liability. Insurance for Dummies - Kindle edition by Hungelmann, Jack. An insurance professional who represents different insurance companies, is not an employee of any one of those companes, and earns commissions from policies sold. Collision Coverage. If you are going to get a car, understanding car insurance basics is vital. Is coverage for injuries that you cause to others that you become legally liable … We’ve listed the most common car terms and their meanings in order from most important to least important. March 08, 2018 Understanding key health insurance terms. The amount your business will need to pay before the insurance policy covers the remaining balance. The section of an insurance contract containing such information as the name, description, and location of insured property; the name and address of the policholders; the period for which the policy is in force; premiums payable; and the amount of coverage. It is important to identify these unique features in any policy comparison, otherwise a lower price may come at a much higher cost when you have to file a claim for loss or damages in the future. As a useful guide to insurance vocabulary, it will help you understand your coverage or benefits plan page.