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An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.
Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
Back to topA temporary or preliminary agreement which provides coverage until a policy can be written or delivered.
Any physical injury to a person. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured.
Back to topThe termination of insurance coverage during the policy period. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge.
Notice to an insurer that under the terms of a policy, a loss maybe covered.
The first or third party. That is any person who asserts right of recovery.
Reimburses you for damage to YOUR automobile sustained in a collision with another car or with any other object, movable or fixed, (for example, you accidentally backed into another object while pulling out from a parking stall and causing damage to the bumper and fender of your covered automobile).
This coverage waves your collision deductible if you are hit by an negligent uninsured motorist.
Coverage for transportation firms that must carry any customer's goods so long as the customer is willing to pay. Examples include trucking companies, bus lines, and airlines.
Provides coverage for any direct and accidental loss of, or damage to, YOUR covered automobile and its normal equipment, to include but not limited to fire, theft or malicious mischief.
Back to topThe company refuses to accept the request for insurance coverage.
The amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable. You may choose a higher deductible to lower your premium.
A decrease in value due to age, wear and tear, etc.
Back to topAmendment to the policy used to add or delete coverage. Also referred to as a "rider."
Certain causes and conditions, listed in the policy, which are not covered.
The date on which the policy ends.
Back to topTo be eligible for the Good Drivers Discount all operators of the insured vehicles must have been licensed for three or more year, have no more than a one (1) point charge on their driving record and has not been determined "at fault" in an accident resulting in bodily injury or death to any person.
A period (usually 31 days) after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
Back to topThe policyholder - the person(s) protected in case of a loss or claim.
The insurance company.
Back to topThis coverage will pay for BODILY INJURY and/or PROPERTY DAMAGE to the OTHER party for which you become legally responsible of an automobile accident.
Coverage for all sums that the insured becomes legally obligated to pay because of bodily injury or property damage, and sometimes other wrongs, to which an insurance policy applies.
Maximum amount a policy will pay either overall or under a particular coverage.
The amount which can be borrowed at a specified rate of interest from the issuing company by the policyholder, using the value of the policy as collateral. In the event the policyholder dies with the debt partially or fully unpaid, then the amount borrowed plus any interest is deducted from the amount payable.
Back to topWill pay reasonable expenses incurred for necessary medical and /or funeral services because of bodily injury caused by accident and sustained by YOU OR ANY OTHER PERSON WHILE OCCUPYING A COVERED AUTOMOBILE.
Back to topThe cause of a possible loss. For example, fire, theft, or hail.
The written contract of insurance.
The maximum amount a policy will pay, either overall or under a particular coverage.
The amount of money an insurance company charges for insurance coverage.
When the policy is terminated midterm by the insurance company, the earned premium is calculated only for the period coverage was provided. For example: an annual policy with premium of $1,000 is cancelled after 40 days of coverage at the company's election. The earned premium would be calculated as follows: 40/365 days X $1,000=.110 X $1,000=$110.
Damage to another person's property. The purpose of liability insurance is to cover property damage to a third party resulting from the negligent or intentional acts of an insured.
Back to topAn estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
Back to topThe cost to repair or replace an insured item. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one once the repairs or purchases have been made.
The full cost to repair or replace the damaged property with no deduction for depreciation, subject to policy limits and contract provisions.
The restoring of a lapsed policy to full force and effect. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.
Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage.
Back to topWhen the policy is terminated prior to the expiration date at the policyholder's request. Earned premium charged would be more than the pro-rata earned premium. Generally, the return premium would be approximately 90 percent of the pro-rata return premium. However, the company may also establish its own short-rate schedule.
An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.
Back to topWill pay you and your passengers for BODILY INJURY cause by a negligent uninsured motorist, a hit-and-run driver, or by a driver whose insurer is insolvent.
Will pay for damages to your automobile, set up to a limit, when caused by a negligent uninsured motorist.
A period of time set forth in a policy which must pass before some or all coverages begin.
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