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Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Collision insurance covers damage to your car caused by an accident. Although still used today to insure substandard risks, twowheel motorized vehicles, and commercial autos, the basic auto policy has been primarily replaced by the personal auto policy. Glossary of common auto insurance terms helpinsure. For example, in louisiana, damage to a vehicle must equal or exceed. If you have questions or need assistance understanding insurance issues, do not hesitate to contact the kansas insurance departments consumer assistance hotline toll free at 8004322484. Some states base salvage titles on the extent of damage a vehicle has sustained. Most of the definitions below are provided courtesy of the insurance institute of canada. For a complete list of consumer brochures and fact sheets, you may click here. Insurance against property and liability perils to which a homeowner or renter is exposed. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The guide provides concise explanations of auto, home, life, disability and business insurance, as well as issues papers, a glossary and directories. The language of insurance can be quite complex and confusing. Protection for the insured against financial loss because of legal liability for carrelated injuries to others or damage to their.
An independent agent represents more than one company. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Insurance glossary understanding common insurance terms. An insurance company can only cancel an insurance policy for reasons stated in the policy and permitted under the law of the. Portion of an auto insurance policy that covers damage to the policyholders car not involving a collision with another car including damage from fire, explosions, earthquakes, floods, and riots, and theft. If you want to pay the lowest rates and have the right amount and types of auto insurance coverage, you need to. Updated on monday, february 12 2018 by steve bowen. Glossary of common insurance terms state of alabama. Below are some of the most common car insurance terms in our dedicated car insurance glossary section to help you get a better grasp. Adjuster an individual employed by an insurance company whose main function is to evaluate losses. The synthesis of those terms into a cohesive glossary, presented in a format that is organized and easy to reference was an inhouse effort by dedicated nahrep staff members who, time and again. Title insurance provides coverage for losses that occur when a land title is not free. Insweb insurance glossary of insurance terms need to know what those insurance words mean. This coverage is commonly referred to as bi and is usually written together with property.
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Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Also see the health and life insurance glossary, property. Free examination period also known as 10day free look or free look, it is. Get an auto quote today and enjoy the ease of working with us. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries. An insurance company can only cancel an insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides. Auto insurance glossary download a pdf auto insurance fact sheet download a pdf pennsylvania insurance department zipcode auto insurance study in october 2016, the pennsylvania insurance department embarked on a zipcode based study of personal auto insurance premiums and losses. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. This helps you understand exactly whats included in your quote, and which items may have an additional cost, such as towing or car rental coverages.
Additional insured a person or organization for whom insured status is. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without hitting anything. Feel free to browse the following publications and resources. 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 elses personal property. To make things easier, weve compiled an easytoscan. If available, some optional coverages and benefits might be offered at an additional charge. Auto insurance, what follows are terms specific to au to coverage. Auto insurance glossary a supplement to the automobile insurance guide the auto insurance glossary, a supplement to the automobile insurance guide, is brought to you by the pennsylvania insurance department. The liability of a wrongdoers automobile insurance company to pay someone. Collision coverage pays for damage to your car with out regard to. Find out about coverage options, discounts and get a free. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. The term property insurance includes many lines of available insurance. Article 1 of 2 in auto insurance glossary and liability chart.
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A z auto insurance index a actual cash value value of your property, based on the current cost of replacement, less depreciation. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. This card must be shown on request to any law enforcement officer, so keep it in your car. Below are some commonly used insurance terms and their meanings. Insurance handbook for reporters and the insurance handbook for policymakers. Trial period required in most states where policy owners have up. 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. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance.
No state requires collision insurance, but an auto loan lender or a car leasing company might mandate that you have it. Agent the insurance company representative who sells policies on behalf of the insurer. Insurance designed to pay for the repair or replacement of the policy owners car in the event of damage not resulting from an accident. If available, some optional coverages and benefits. The car insurance industry is full of terms which many consumers hear only for the first time after an accident. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries sustained in an auto accident. Our trained staff is dedicated to helping answer your insurance questions. An insurer may cancel an auto insurance policy for any reason during the free look period. Protect yourself on the road with auto insurance from nationwide. For more information and additional resources, log onto surance. Physical injury or death to a third party for which the policyholder is legally liable. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its.
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Definitions provided by insurance bureau of canada are indicated with an asterisk. Auto insurance get a free car insurance quote nationwide. Find out about coverage options, discounts and get a free online car insurance quote. Collision coverage pays for damage to a car without regard to who caused an. Insurance terminology north american training group. 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 atfault accident. Coverages and benefits listed below may not be available in your state. Because insurance laws vary throughout the united states and canada or coverages may not be available in some jurisdictions, the information below may not apply to all situations.
State laws determine if a vehicle requires a salvage title. Compulsory auto insurance the minimum amount of auto liability insurance that meets a state law. Auto insurance card a card from your auto insurance company showing that you have car insurance. The insurance covers losses to the insureds property and losses for which the insured is liable as a result of owning or operating an auto. Auto insurance glossary a supplement to the automobile. Insurance terms substantial 711 terms 10302016 html insurance glossary. It can also help you compare car insurance quotes accurately as youre shopping for car. May 15, 2018 the car insurance industry is full of terms which many consumers hear only for the first time after an accident. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.
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