www.bls.gov. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of … 2. Often expressed in the form $100/$300/$100, with the amounts referring to thousands of dollars. An insured individual or a beneficiary who receives a loss payment from an insurer. When it comes to your auto coverage you will run into a lot of terms that describe the various parts of a policy. Torque. If you are going to get a car, understanding car insurance basics is vital. Making a list of all your insurance policies makes sense to help you keep track and for your loved ones if the day comes that your life insurance policy is activated. New terms will be added to the glossary over time. Time period during which an insurance policy is in force. An insurance policy that helps protect company vehicles or vehicles used for work. 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. *FREE* shipping on qualifying offers. Other terms, conditions and exclusions apply. The insurance agents are supposed to explain these terms to you and they will do that as well. Rotational force. Third-party Liability.This refers to the coverage provided by the insurance company to pay out liability claims against 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. Claims history database created by ChoicePoint. This glossary provides insurance terms definition and explanation commonly used in insurance business world. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance For Dummies Cheat Sheet. 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. Property Damage Liability — This coverage will reimburse others for damage that you or another driver operating your car causes to another vehicle or other property, such as a fence, building or utility pole. (2010). 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. 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. A statement added to an insurance policy that alters, deletes or adds coverage, terms or provisions of the policy. Record of moving violations and license status. 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. PDF download: DEFINITIONS OF HEALTH INSURANCE TERMS. Please note that there is … Insurance for Dummies Knowing what they mean is vital to selecting the right coverage for your needs. Author’s Note: Leasing accounts for a hefty 25% of new-car transactions today, mainly because the monthly payments are much lower than they’d be for a purchase. Some states only record 75 percent of incidents on an average MVR. Torque. Collision Coverage. Since the invention of the first car with an internal combustion hydrogen engine in 1807, automotive terminology has confused those not “in the know”. Car servicing customer satisfaction survey results. 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. Permissions beyond the scope of this license may be available at http://www.EINSURANCE.com/creativecommons under terms and conditions which establish fair use and ethical business pratices in accoradance with EINSURANCE. Briefly learn about the four basic coverages included in a standard personal auto policy. 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. 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. Commercial Auto Insurance. 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. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation (i.e., in the same physical condition as the original property prior to damage). Insurance Terms And Definitions. Every industry has its own jargon, and the property and casualty insurance business is no exception. These definitions do not alter or modify the terms of any insurance contract. 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. Also know as a "dec page" or "dec sheet.". Car servicing customer satisfaction survey results. Ask Customer Service for assistance. This is the amount you’ll have to cover before insurance pays a cent. No insurance website could be complete without offering and index of insurance terms and definitions. Compensation may impact where they appear, including the order in which they appear. Disclaimer: The products and services that appear on Insurance.com are offered by companies from which QuinStreet may receive compensation. If there is a covered accident, collision coverage will pay for the repairs to your … As a useful guide to insurance vocabulary, it will help you understand your coverage or benefits plan page. For example, your insurance provider might pay 80% of your claim leaving you responsible for paying the remaining 20%. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. 1. 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. Please read your official policy for full details about coverages. It can sometimes also cover your passengers and/or other types of expenses. March 08, 2018 Understanding key health insurance terms. One of the key decisions in deciding what car to buy is assessing how much all the other costs are that come with ownership. Insurance.com is not affiliated with any state or government agency. Auto Insurance Glossary of Terms. To gain insight into your company’s insurance policy, it’s helpful to have a grasp of basic business insurance terms. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Click here to zoom in. Liability, as the word implies, pays for damages for which you are found liable. Medical Insurance Terminology For Dummies. Rotational force. Car Insurance Terms & Definitions for Dummies. A piece of paper that summarizes the most important pieces of information of a policy. Includes information such as date of loss, type of loss and amounts paid, and vehicle description. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance: Industries. Select the first letter of the word or term to locate a definition and brief description. But most folks don’t end up knowing if their lease deals are good or bad, and they typically can’t explain what they’re paying for or how their payments were […] This glossary provides business insurance definitions for terms you might encounter while researching policies for your business and maintaining existing coverage. Download it once and read it on your Kindle device, PC, phones or tablets. Combined single limit (CSL) auto insurance policies have a single amount for liability payment limits for both property damage and bodily injury. Insurance plans can differ in which providers you can see and how much you have to pay. The term "property insurance" includes many lines of available insurance. Lower policy premiums may be the result of decreased payout benefits, higher deductibles, or maximum damages allowed. Nearly every state requires car owners to carry the following auto liability coverage: 1. We’ve listed the most common car terms and their meanings in order from most important to least important. Misrepresentation Written or verbal misstatement of a material fact involved in the contract on which the insurer relies. Commercial auto insurance Employment practices liability insurance Directors & officers insurance View all policies. 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. 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. By Jack Hungelmann . An insurance professional who represents different insurance companies, is not an employee of any one of those companes, and earns commissions from policies sold. Absolute Liability. Independent insurance agents believe that knowledge is power, and they are dedicated to providing consumers, not only with competitive rates and coverage, but with education and answers as well.. Business terminology shouldn’t be reserved for insurance agents. Torque is measured in pounds/foot. Certain … Bodily Injury Liability. Insurance companies can access your claims information when underwriting or rating a policy. Not every traffic incident actually appears on your MVR. This is an example of a typical declaration page, … 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. Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. Insurance for Dummies - Kindle edition by Hungelmann, Jack. 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. Auto insurance policy periods begin and end at 12:01 am in the local time zone. Since the invention of the first car with an internal combustion hydrogen engine in 1807, automotive terminology has confused those not “in the know”. Comprehensive pays to repair or replace your car if it's stolen or damaged as a result of a storm or other natural event. The fact that an individual has caused three auto accidents in the past 5 years would be a _____ ____ for a company issuing auto liability insurance. In the event of a total loss, the insurance company makes payment to the Loss Payee first. Is coverage for injuries that you cause to others that you become legally liable … Auto insurance can be confusing! This includes property damage and inj… Insurance for Dummies [Hungelmann, Jack] on Amazon.com. On an auto insurance policy, a Loss Payee is the institution that financed the loan or lease of the vehicle. Based on a work at www.EINSURANCE.com. Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories: property insurance and casualty insurance. 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. 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. 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. Sample declaration page. • Accident: An event or occurrence which is unforeseen and unintended. Health insurance, car insurance, and life insurance are a part of everyday life. EINSURANCE Glossary by E-Insure Services, Inc. is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License. Copyright © 2020 Insurance.com. Actual Cash Value. Liability for damages even though fault or negligence cannot be proven. Automobile Insurance Terminology. Homeowners Insurance Glossary of Terms. Comprehensive coverage pays to repair your vehicle, subject to a separate deductible. Bodily Injury Liability — This covers costs associated with injuries and death that you or another driver causes while driving your car. All Rights Reserved. According to the Insurance Information Institute, consumers spend an average of $866.31 on car insurance annually. © Copyright - EINSURANCE - All rights reserved by E-Insure Services, Inc. Creative Commons Attribution-No Derivative Works 3.0 United States License, http://www.EINSURANCE.com/creativecommons, Chartered Property and Casualty Underwriter, Directors’ and Officers’ Liability Insurance, Insurance Considerations for Domestic Partners, Independent Insurance Agents & Brokers of America. Property And Casualty Insurance Glossary. We’ve listed some common car terms and their meanings. The purchase price and/or the car payments are just the most obvious of costs. Once you know the car insurance basics, you can get the appropriate insurance that fits your needs and budget. Deductible. For example, to get help with the terms “Automobile Liability Insurance” or “Premium”, select either the letter A or P from the menu bar below: Don’t see an insurance term listed here? Use features like bookmarks, note taking and highlighting while reading Insurance for Dummies. If you feel like you need to take a foreign language course to "speak insurance" don't worry, you're not alone! Personal Injury Protection. 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 … The amount your business will need to pay before the insurance policy covers the remaining balance. 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. Exclusion A provision in an insurance policy that excludes and/or limits certain coverages. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. In February 2002, the Federal Government's Interdepartmental Committee on. Payee is the amount your business will need to pay before the insurance company makes payment to coverage. Read your official policy for full details about coverages Accident: an event or which! 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