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. Request by an insured for the insurance company to cover an incurred loss. It is not meant to be all inclusive or provide legally binding definitions. If your car insurance policy indicates that you have a. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. A person responsible for investigating and settling a claim. National insurance crime bureau october 12, 2015 1 nicb insurance acronym, organization and term list the following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation. The myriad of terms used to describe everything from apples to oranges. Njac subchapter 10 auto physical damage claims regulation pdf. The term property insurance includes many lines of available insurance.
Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Consumer glossary national association of insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance company that actually underwrites and issues the insurance policy. It is a contract between the policyholder and the insurance company. Understanding your auto insurance doesnt have to be difficult. Auto insurance, what follows are terms specific to au. Auto insurance terms glossary american family insurance.
With nofault auto insurance, in some states the dollar threshold stops an individual from suing for recovery from pain and suffering until they have reached a certain dollar threshold on their. In an auto accident, it comprises bodily injuries sustained by each person. Mspa insurance requirements any person subject to the act who uses, or causes to be used, a vehicle to transport covered workers must ensure that the vehicle is properly insured against. Nov 01, 2017 collision insurance covers damage to your car caused by an accident. The language of insurance can be quite complex and confusing. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without hitting anything.
An actuary is an employee of the insurance company who analyzes. Your american family agent is the perfect person to ask. Theres a lot to know and keep track of in the fast paced world of automobile insurance. Browse our insurance glossary for the knowledge to fully understand your coverage. Auto insurance glossary this section, auto insurance glossary is a collection of insurance terms and insurance tips explained in simple english. Insurance and indemnification requirements risk management division effective march 2007 1 d. A glossary of car insurance terms compare the market. Aca glossary aca glossary 09 9 agent see insurance agent. 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. These general definitions are provided for educational purposes. Represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the. Glossary ibc public assets insurance bureau of canada. Insurance providing payment if the insureds death results.
Auto insurance glossary of terms if you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. 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, which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The liability of a wrongdoers automobile insurance company to pay someone harmed by. Policy assignment under which the assignee person to whom the policy is assigned receives full control over the policy and also full rights to its benefits. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Act of god an accident or event that is the result of natural causes, without human. By using the planner you will be able to ask your agent or insurance representative more specific questions about what type of coverage is best for you and your family.
Increase your knowledge and better understand your coverages by browsing our glossary of auto insurance terms. Njac subchapter 10 auto physical damage claims regulation pdf salvage title process from nj motor vehicle commission. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Terms for the updated glossary have been compiled from other entities, including the federal housing finance agency, department of. The policyholder agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place.
An independent agent represents more than one company. But, you need to at least understand the basic auto insurance terms because they spell out what you are and arent covered for in your policy. Statemanaged auto insurance plan for individuals who cannot obtain conventional liability coverage because of their poor driving records. Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. No one ever expects to be involved in a collision, but youll be glad that you have auto insurance coverage to help you recover losses when you find yourself in a car accident. 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 actual cash value. Glossary of commercial insurance terms commercial insurance is divided into two main categories. This coverage is subject to the terms, limits and conditions. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. The definitions in this glossary are developed by the naic research and actuarial. Lets pretend that someone hit your car in a parking lot. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Auto insurance provides property, liability and medical coverage.
Pennsylvania insurance department zipcode auto insurance study in october 2016, the pennsylvania insurance department. No state requires collision insurance, but an auto loan lender or a car leasing company might mandate that you have it. This form is not to be filed before policy term and probationary period are over or it could result in the state revoking driving privileges. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. If coverage for flood is offered as an additional peril on a property insurance policy, file. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
Policy assignment under which the assignee person to whom the policy is assigned. Comprehensive loss underwriting exchange clue report. These glossary terms and definitionsare intended to be. 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. Aid category the number of eligibility categories within the medicaid program. Terminology can often be baffling, and the last thing you want is to miss something important in your policy wording. Auto insurance terms it only takes a second for a tennessee auto accident to happen, but the effects from the collision can last a lifetime. If you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone.
If available, some optional coverages and benefits might be offered at an additional charge. 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. A statistician who computes insurance risks and premiums. The cap amount an insurance company will pay for any one persons injuries arising from a single incident. It can include collision, liability, comprehensive, medical, and. Insurance glossary understanding common insurance terms. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without. Automobile liability insurance coverage for bodily injury and property. File and use residential property rates utilize a sys. Increase your knowledge and better understand your coverages by browsing our glossary of. Article 1 of 2 in auto insurance glossary and liability chart.
The bureau created a glossary translating common financial terms into spanish in october 2015 and has updated it in 2018 with additional terms. An sr26 insurance form is filed by auto insurance companies when an insurance policyholders sr22 certificate is no longer mandatory or when the policy expires or is cancelled. Insurance glossary insurance terms and definitions from best auto insurance. Warwick, rhode island the company named in the declarations general definitions insurance agreement and declarations the exact terms and conditions are explained in the following pages. Csc handout 7 glossary of insurance terms community sector. Although still used today to insure substandard risks, twowheel motorized vehicles, and commercial autos, the basic auto policy has been primarily replaced by the. When bodily injury auto insurance coverage is purchased in split limits, the first limit is the per person limit. Below are some commonly used insurance terms and their meanings. 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. Insurance terminology north american training group, inc. Iec, developed the general insurance code of practice the code. Home consumer information insurance topics automobile auto insurance purchasing planner.
Auto insurance purchasing planner the auto insurance purchasing planner is an interactive guide to buying an auto insurance policy. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Auto insurance basics auto insurance protects against financial loss in the event of an accident. This insurance policy is a legal contract between you the policyholder and us the company named in the. Mspa insurance requirements any person subject to the act who uses, or causes to be used, a vehicle to transport covered workers must ensure that the vehicle is properly insured against liability for damage to persons or property. Here is a translation of some basic insurance lingo. Nicb insurance acronym, organization and term list index. An individual is determined eligible for the appropriate category based on factors of eligibility such as age, income, pregnancy, disability, or blindness. 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. Creditor placed auto means insurance on automobiles, boats or other vehicles. The myriad of terms used to describe everything from. Most of the definitions below are provided courtesy of the insurance institute of canada. Nj guaranty association provides a safety net for policyholders, and as a last recourse, for claimants glossary of insurance terms. Glossary of insurance terms accident an unforeseen, unintended, and.
Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under. The specific insurance requirements are found in the mspa regulations under 29 cfr 500. Glossary of common auto insurance terms glossary of common. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. To make things easier, weve compiled an easytoscan glossary of the most frequently used car insurance terms. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Collision insurance covers damage to your car caused by an accident.
Auto insurance glossary the following are some general terms that may be helpful to you in reading and understanding your automobile insurance policy. Bodily injury bodily harm, sickness, or disease, including resulting death. When auto insurance coverage lapses, it could lead to a higher premium for another new policy, since insurers understand that a driver that has maintained the same coverage is far less likely to make an insurance claim than an individual that has allowed their policy to lapse. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Insurance handbook insurance information institute. Agent the insurance company representative who sells policies on behalf of the insurer. Coverages and benefits listed below may not be available in your state. The insurance handbook reflects this diversity of subjects and issues. Definitions provided by insurance bureau of canada are indicated with an asterisk.