This includes property damage and inj… endstream endobj startxref Adjuster. %%EOF Glossary of Common Insurance Terms NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. Policy number. � �?�4XU�J���VH��~�}�����k�~��ؓ,�ϰ&^���j����k�`N���L�x�V��7{���ŚA�7|h:�W���#�1�b_�R��·8v�=d��� D@� Collision insurance covers damage to your car caused by an accident. However, choosing and buying an insurance policy is a confusing process for many. ... amount that a policy will pay for a specific type of loss, such as property damage and bodily injury. Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories: property insurance and casualty insurance. %PDF-1.5 %���� endstream endobj startxref AUTHORIZATION – The power or right to act on behalf of another. Life insurance provides for your family or some other named beneficiaries on your death. The company must pay for the repair or up to the actual cash value of your vehicle, minus your deductible. Adjuster: Representative of the insurance company who attempts to determine the… 87 0 obj <>/Filter/FlateDecode/ID[<5944BF91CDA4F24A9AD9EA11E1E71E14><70D42FB910F3F14D946A7AE7E0568507>]/Index[63 41]/Info 62 0 R/Length 115/Prev 80260/Root 64 0 R/Size 104/Type/XRef/W[1 3 1]>>stream No insurance website could be complete without offering and index of insurance terms and definitions. Auto insurance premiums are quoted for either 6 month or annual policy periods. No state requires collision insurance, but an auto loan lender or a car … A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. Glossary of insurance terms meant as a resource for our readers, including a list of terms that are common in insurance policies and “lingo” and their definitions as follows: Actual Cash Value: This is the value of replacing an item of personal property minus the depreciation. Liability, as the word implies, pays for damages for which you are found liable. Learn and gain confidence in your ability to find the car insurance that’s right for you. Get answers to insurance questions. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Gq)C +��.��fe4U?��C'�[��K��J�8�w�� w� k[���,1ǁ����S膫C�m��+�5�\��Ų�^��"�5��$���{��v��䢜��-�����Nߖ�A6�%8��/`����J��]�;��t ܇MBL�1|a��\���������‡&�:1���%VL��XДh�b��@��J30�W���P�8�4T�L#���rӡ�q)�a9�rtǰ��q ASSURER – Same as "insurer" (insurance company). Comprehensive – pays for damage to your vehicle caused by something other than a crash or collision, i.e., fire, vandalism, theft, falling objects or objects flying at you, i.e., a bird or deer. Please read your official policy for full details about coverages. By applying for coverage, you’re agreeing to pay an auto insurance premium to the insurance company. Property insurance also provides liability coverage in case someone other than the property owner or renter is injured while on the property, and takes legal action. s��u�t?�=�~�����c��%B ��Q��Ұ��ܰ�2��m�`���l:��)[0t V�˹�`�~H@ND��O*V�$�w79;m��������n�D2ޟ�;7�G�\��3�sm~Z���`����D �=���%w�EI��D�Dj�0n�$���6� �NΞ {7�An#�3�E�ďh���b�Lf)�[�pє�qA#��>[u�ڗ@g6ڔp�M�7��m�o�][c�p���[�]e�ޔq���z!A�E����p�=�!�:G��;W��5��?��3�t�5yU����A篿� Discover quick answers and easy-to-understand car insurance definitions. endstream endobj 2791 0 obj <>stream ���4.� �R=3�������e�bEa�Rᡎ: a?�����q=�>�ɤ�4R�/� ���aI�) There are approximately 1,700 terms in this edition and it's an invaluable resource for your insurance education and professional development. The insurance covers losses to the insured's property and losses for which the insured is liable as a result of owning or operating an auto. ��ހ��#^�(x���pL��]X�y�xz`�����CAg;� �ה%�0ٟ���A�簺j����zy����? Absolute Liability. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. ��d� H�\��j� ��>�w�ٜ%P�r����NR�eby��6l�*����s���)d�o݀�@�q�;��@�ڂ. Car insurance is required in nearly every state in the U.S. (New Hampshire being the notable exception). X�\Z�=�]t��K6}��/�[6��ׇ��z3��͆�x1;=a���,gu�r��z�L�*g�U�D�k6���/ �+1��h��IR�U_�W��˫��Ϛ�knz��r��c��V x��9� �,��C�G�\ +��5��9��ǎ���Q.u����� �z�A���Y@[�$U55��l�4���:O��=�D����"Si� ��F��t�}�����GL# BY�GǴbyN�xR���lpNK%P��5��c����s�;�����zd��y������J���o��{�Hq�Pr�ű��r�'!�J��\Y�K*&r.ü"���ˡ�kYrȤ������&2m��m��W+\tW�D��L��ky,3��֙M7x��?���hxA��Ɠ�P�v�d�ML��#��`��5:����.~�A�';t��. 2808 0 obj <>/Filter/FlateDecode/ID[<442D752D37F9AE4CB45F7FFF30DA7AE9>]/Index[2786 44]/Info 2785 0 R/Length 109/Prev 326427/Root 2787 0 R/Size 2830/Type/XRef/W[1 3 1]>>stream Get a free insurance quote too. Call 1 (780)732-7129 The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. To make it easier for you to understand insurance vocabulary, we list some common insurance terms and explain what they mean. Sometimes called a rider. h�bbd```b``�"��H�H�d��,�`�}0; D���,�L�ׂْ �+l�� ���l� 6��dL7��e����OBL@W��$FU�?��O ߯^ Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. t��"B���1�d��)��#� Automobile Liability Insurance Protection in case others hold you legally responsible for bodily injury and/or damage to property losses incurred as the result of a motor vehicle accident. E�\���CpIX��H����y��>�0đ�f����^��>�ʧ6k�@fM��ey��~Ԧ�M4�*'M��0��9�\!&i��2�*_�oz��~�>&��AFi�MݞV˪H��e��o���qbͳ�X�.�U�����a��WD��N�f�=��}@�"�@���\b�}(�A��C)���ppv��D0�B������19x��a� ��J��� {�c=���;�Y��Ƞ��9��lU*�#�`��1�de��z�}�,G��њ؇��H(� n8m���` �K4vo�8� =B��^q�7| +�2����S�ܛ*��ꡄd?P���A��g� These definitions do not alter or modify the terms of any insurance contract. INSURANCE TERMS & DEFINITIONS (Page 2 of6) Under an auto policy, protection ir the insured against bodily injury or property damage (in some states) caused by the negligence of an uninsured or underinsured motorist. endstream endobj 2787 0 obj <>/Metadata 158 0 R/Outlines 186 0 R/PageLayout/OneColumn/Pages 2771 0 R/StructTreeRoot 195 0 R/Type/Catalog>> endobj 2788 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 2789 0 obj <>stream %%EOF Auto insurance provides protection from losses resulting from owning and operating an auto. • Accident: An event or occurrence which is unforeseen and unintended. Glossary of ommon Auto Insurance Terms Many terms are common between Homeowners and Auto Insurance, what follows are terms specific to au-to coverage. %PDF-1.5 %���� Certain … endstream endobj 64 0 obj <. !2 EFɴ�=A� ���z���E?�ڥ ���!y�QH� 0�� ���/�N ollision coverage - Pays for damage to your car with-out regard to who caused an accident. When it comes to your auto coverage you will run into a lot of terms that describe the various parts of a policy. The insurance business encompasses a daunting array of industry jargon. Policy term. ��8eeɆ h�b```�e��e� ce`a�������f��g6-sdn����A������jL�l��m���l�ɍ^�0P_��q�%��m��CM@B����������O���dc+f9ܴ� {� �U< M��� The identification number of your policy. h�b``e``z�������� 2786 0 obj <> endobj NYCM Insurance knows there may be some insurance terms you may have not heard before, so we compiled a glossary for you. In return, that company agrees to pay covered costs associated with an auto accident once the deductible has been met under the policy terms. Property Damage Liability Coverage Part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone else's personal property. 2829 0 obj <>stream The name for "assigned risk" plans. It is typically covered against damage caused by fire, smoke, wind, hail, weight of ice and snow, lightning, theft and more. Life Insurance. New terms will be added to the glossary over time. Car insurance is a contract between you and your insurance company. PDF | This chapter examines the characteristics of insurance contracts. The Dictionary of Insurance presents words and expressions that are found in common use in the property and casualty insurance industry. �XI11%T��0�$���b`E�$ c�$�����䘘��Z�㢏75����[��w3ʽ��[dH�G���������^�.�e���:���|w�{ǥ„q6�9�y��x7���&����a�e�'�Oq _�6P�W ,�x�6���d �E%G�� dd�w���F�㱞�.º�H9 uZ���C=�^�ÚK�S�oXwֱ�I�wQ� �&$��F�S'�f���XM�W?���K4Kf�ѕ�G�dR�OE׉b��� Life assured is the one for whom the life insurance … These general definitions are provided for educational purposes. Auto Insurance Basics Definitions InsureUonline.org April 2016 1. A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. 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