Certain … Adjuster: Representative of the insurance company who attempts to determine the… �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��� Call 1 (780)732-7129 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� ... ENDORSEMENT A written form attached to an insurance policy that alters the policyís coverage, terms, or conditions. h�bbd```b``e��@$�j�>���l���J�8L����H�h�^K�.v�D�Z�U�������h��$�_c`bd�*���HW�?��� ��h A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. However, choosing and buying an insurance policy is a confusing process for many. It’s listed on your policy and your liability card or "pink slip." Liberty Mutual – Pay-per-mile car insurance equals great savings. Get answers to insurance questions. An insurance policy that provides coverage for an employer's two key exposures arising out of injuries sustained by employees. �����YL���|���wx|h:���α�_%��W��yC^������p+=�Ǩz b,���,�QF� ��[ Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Collision insurance covers damage to your car caused by an accident. ]��b����q�i����"��w8=�8�Y�W�ȁf8}ކ3�aK�� tx��g�^삠+v��!�a�{Bhk� ��5Y�liFe�̓T���?����}YV�-ަ��x��B����m̒�N��(�}H)&�,�#� ��o0 Discover quick answers and easy-to-understand car insurance definitions. 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. The insurance business encompasses a daunting array of industry jargon. ASSURER – Same as "insurer" (insurance company). ... A legal definition of insurance that appears in many insurance laws is the . Learn and gain confidence in your ability to find the car insurance that’s right for you. 0 To make it easier for you to understand insurance vocabulary, we list some common insurance terms and explain what they mean. ��d� Common insurance terms %%EOF %PDF-1.5 %���� Please read your official policy for full details about coverages. endstream endobj 64 0 obj <. 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� ��8eeɆ The identification number of your policy. -F��T뇁��F)d�X-dZ ERsK��EdR��(8��(�HY��Y�>2s������)� 8T"p(�~�sP}c�P�[#t��]-��V��O�C��� A contract that outlines all the coverage you’re getting from an insurance company that serves as proof of an insurance contract. h�b``e``z�������� 0 A claims or insurance adjuster is employed by or acts on behalf of an insurance company … Almost all of us buy car insurance, but it has provisions that most people know little about. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. Insured Property: The insured property is the property covered by an insurance policy. Get a free insurance quote too. Glossary of ommon Auto Insurance Terms Many terms are common between Homeowners and Auto Insurance, what follows are terms specific to au-to coverage. These definitions do not alter or modify the terms of any insurance contract. Insurance Definitions. No state requires collision insurance, but an auto loan lender or a car … In other words, coverage in case you cause an accident where there … (Usually required if you have a loan.) Policy number. 103 0 obj <>stream The company must pay for the repair or up to the actual cash value of your vehicle, minus your deductible. Auto Insurance Basics Definitions InsureUonline.org April 2016 1. Understand insurance definitions & terms. The damage can be caused by another vehicle, or by hitting a fence or a tree — or even rolling over without hitting anything. Life insurance provides for your family or some other named beneficiaries on your death. � �?�4XU�J���VH��~�}�����k�~��ؓ,�ϰ&^���j����k�`N���L�x�V��7{���ŚA�7|h:�W���#�1�b_�R��·8v�=d��� D@� Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance … %PDF-1.5 %���� Gq)C +��.��fe4U?��C'�[��K��J�8�w�� w� k[���,1ǁ����S膫C�m��+�5�\��Ų�^��"�5��$���{��v��䢜��-�����Nߖ�A6�%8��/`����J��]�;��t ܇MBL�1|a��\���������‡&�:1���%VL��XДh�b��@��J30�W���P�8�4T�L#���rӡ�q)�a9�rtǰ��q Insurance Terms And Definitions. s��u�t?�=�~�����c��%B ��Q��Ұ��ܰ�2��m�`���l:��)[0t V�˹�`�~H@ND��O*V�$�w79;m��������n�D2ޟ�;7�G�\��3�sm~Z���`����D �=���%w�EI��D�Dj�0n�$���6� �NΞ Absolute Liability. Adjuster. �,��C�G�\ +��5��9��ǎ���Q.u����� �z�A���Y@[�$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��. Knowing what they mean is vital to selecting the right coverage for your needs. ollision coverage - Pays for damage to your car with-out regard to who caused an accident. AUTOMOBILE INSURANCE – Coverage on the risks associated with driving or owning an automobile. Part One of the policy covers the employer's statutory liabilities under workers compensation laws, and Part Two of the policy covers liability arising out of employees' work-related injuries that do not fall under the workers compensation statute. 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 Liability for damages even though fault or negligence cannot be proven. There are approximately 1,700 terms in this edition and it's an invaluable resource for your insurance education and professional development. Boiler and Machinery Insurance* This coverage protects an organization against any losses that result from a breakdown of heating, refrigeration, air conditioning equipment, pressure vessels, boilers, production machinery, electrical Other terms, conditions and exclusions apply. Get to know the ins and outs of your car insurance policy with this glossary of auto insurance definitions from The Hartford. NYCM Insurance knows there may be some insurance terms you may have not heard before, so we compiled a glossary for you. By applying for coverage, you’re agreeing to pay an auto insurance premium to the insurance company. Collision is another type of major insurance that is found on your plan. 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. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. This protects you if … This includes property damage and inj… H�\��j� ��>�w�ٜ%P�r����NR�eby��6l�*����s���)d�o݀�@�q�;��@�ڂ. These are plans set up and monitored by the state to help people who are unable to secure auto insurance … Auto insurance provides protection from losses resulting from owning and operating an auto. 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 ��ހ��#^�(x���pL��]X�y�xz`�����CAg;� �ה%�0ٟ���A�簺j����zy����? These general definitions are provided for educational purposes. Car insurance is required in nearly every state in the U.S. (New Hampshire being the notable exception). Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. 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. Two general types are available: term insurance Life insurance with a death benefit but no accumulated savings. Others are optional. ���4.� �R=3�������e�bEa�Rᡎ: a?�����q=�>�ɤ�4R�/� ���aI�) endstream endobj 2791 0 obj <>stream 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. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. {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� • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. endstream endobj startxref Insurance Definitions, Dictionary, Glossary and Terms ... AUTO INSURANCE POLICY There are basically six different types of coverages. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. It can include collision, liability, comprehensive, medical, and … Glossary of Common Insurance Terms NOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. No insurance website could be complete without offering and index of insurance terms and definitions. 1. �(�G��^�A��8��xL�8�o������j���]����5�H� �,���d�gz";��#CA�!�!�ᵈ�Y�y������������K@��CR�~ 7�V�W@�f֦����\d���i)�.�8� ���M��� � |�6� 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. Third-party Liability.This refers to the coverage provided by the insurance company to pay out liability claims against you. H��W�n�8}�Wp�e�bM�W�@Q�Nz[���iQ8���M�Ē���wfHJ����b��p�̙�#uV%ӗ�n���{�|������r�ΧUs�>Og��;��p%mɊf���:� Home & Auto Insurance Terms & Definitions | PC Insurance COVID-19 Update: We know circumstances can change, especially during these difficult times. Life assured: Life assured is the insured person. The amount of time that your insurance policy is in force. Dictionary of Insurance Terms -A- • Absolute Liability: Liability for damages even though fault or negligence cannot be proven. 2786 0 obj <> endobj ... amount that a policy will pay for a specific type of loss, such as property damage and bodily injury. Sometimes called a rider. 2829 0 obj <>stream Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. These often take the form of glossaries, or lists of specialized terms relating to a special subject – in this case, insurance – with accompanying definitions. Policy term. ��Q��u�UIҭI���F�#%�d�(�Wc6R�2���(& endstream endobj 2790 0 obj <>stream Auto insurance premiums are quoted for either 6 month or annual policy periods. Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories: property insurance and casualty insurance. This is especially so due to the use of legal and technical jargon in an insurance policy document. The Dictionary of Insurance presents words and expressions that are found in common use in the property and casualty insurance industry. PDF | This chapter examines the characteristics of insurance contracts. It is typically covered against damage caused by fire, smoke, wind, hail, weight of ice and snow, lightning, theft and more. h��Y�o�6�W��E�������Z,i���nE?�����>����#iɑ��$�=�$KE������L0$�P)��R1G�f�J�dpX���T!`�3)��Z`R��E&��P���IL5Ŵ�(Vi��G)�0c< When it comes to your auto coverage you will run into a lot of terms that describe the various parts of a policy. Life Insurance. !2 EFɴ�=A� ���z���E?�ڥ ���!y�QH� 0�� ���/�N h�bbd```b``�"��H�H�d��,�`�}0; D���,�L�ׂْ �+l�� ���l� 6��dL7��e����OBL@W��$FU�?��O ߯^ Insurance coverages. Collision. 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��� In return, that company agrees to pay covered costs associated with an auto accident once the deductible has been met under the policy terms. endstream endobj startxref See definitions to many of the common auto and home insurance terms that we use, in plain, simple English. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of … 2. • Accident: An event or occurrence which is unforeseen and unintended. 63 0 obj <> endobj The payment required for an insurance policy to remain in force. Liability, as the word implies, pays for damages for which you are found liable. Property and casualty insurance is insurance that protects against property losses to your business, home or car and/or against legal liability that may result from injury or damage to the property of others. AUTHORIZATION – The power or right to act on behalf of another. Life assured is the one for whom the life insurance … Underinsured Motorists Coverage %%EOF 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. 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. The name for "assigned risk" plans. Car insurance is a contract between you and your insurance company. 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. V�/��1JV�9)�70g`������^��O����"^(ۂP7�|t�myZ%6P���^O�O����9�T-�5�;�G���Z���� ��U�y��I>��������Z��˚��������j~RѸ�e?��S��>���V����Ǻ9;���W�����euR�˺mV����]q�}Y�k�iu��O�皯��|]�����e���Oxÿ�`Q�����`����V_�?��S8� *}�΃�Y|{p��m�S��]=웛E��VmEMG�E���^�����բj�c޵uwr�-�Mo�5!��Z4'��٢f�ϻ�� DVoFd���e�j��d*���,ۧ�h�u���ָ��w\�OU�2����uB�$?^��l@V�ƠP��&;����ĎmJ`�Y�a�!�����u�\(5��1^��� ���G�9�BOY���zA�q��_�,|��Z��w~K�Iؑ�^���w�:7�:��tA�-A'��MΔn��[ or�c��?r�>X�c�\�D��c��f/����(�����p~�ɤ�:!lwdz�h���?��v�B��^���nr�s�� U�y�F��A�-F����&�Z9���A mA�B t��"B���1�d��)��#� 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 Automobile Insurance Plans. New terms will be added to the glossary over time. Some may be required by law. The term "property insurance" includes many lines of available insurance.