This includes property damage and inj… {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� These definitions do not alter or modify the terms of any insurance contract. Life Insurance. Get a free insurance quote too. See definitions to many of the common auto and home insurance terms that we use, in plain, simple English. 0 It’s listed on your policy and your liability card or "pink slip." Please read your official policy for full details about coverages. Glossary of ommon Auto Insurance Terms Many terms are common between Homeowners and Auto Insurance, what follows are terms specific to au-to coverage. Auto insurance provides protection from losses resulting from owning and operating an auto. Understand insurance definitions & terms. Get to know the ins and outs of your car insurance policy with this glossary of auto insurance definitions from The Hartford. ��d� The company must pay for the repair or up to the actual cash value of your vehicle, minus your deductible. Liberty Mutual – Pay-per-mile car insurance equals great savings. • Act of God: A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance Definitions. t��"B���1�d��)��#� 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� The Dictionary of Insurance presents words and expressions that are found in common use in the property and casualty insurance industry. Collision is another type of major insurance that is found on your plan. Adjuster. Other terms, conditions and exclusions apply. The term "property insurance" includes many lines of available insurance. (Usually required if you have a loan.) By applying for coverage, you’re agreeing to pay an auto insurance premium to the insurance company. However, choosing and buying an insurance policy is a confusing process for many. %%EOF ASSURER – Same as "insurer" (insurance company). Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance … Car insurance is a contract between you and your insurance company. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. No state requires collision insurance, but an auto loan lender or a car … 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. Life insurance provides for your family or some other named beneficiaries on your death. In return, that company agrees to pay covered costs associated with an auto accident once the deductible has been met under the policy terms. Liability, as the word implies, pays for damages for which you are found liable. PDF | This chapter examines the characteristics of insurance contracts. The amount of time that your insurance policy is in force. A claims or insurance adjuster is employed by or acts on behalf of an insurance company … ��ހ��#^�(x���pL��]X�y�xz`�����CAg;� �ה%�0ٟ���A�簺j����zy����? Get answers to insurance questions. 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. 2. ���4.� �R=3�������e�bEa�Rᡎ: a?�����q=�>�ɤ�4R�/� ���aI�) These are plans set up and monitored by the state to help people who are unable to secure auto insurance … NYCM Insurance knows there may be some insurance terms you may have not heard before, so we compiled a glossary for you. • Accident: An event or occurrence which is unforeseen and unintended. h�bbd```b``e��@$�j�>���l���J�8L����H�h�^K�.v�D�Z�U�������h��$�_c`bd�*���HW�?��� ��h ��Q��u�UIҭI���F�#%�d�(�Wc6R�2���(& It is typically covered against damage caused by fire, smoke, wind, hail, weight of ice and snow, lightning, theft and more. Almost all of us buy car insurance, but it has provisions that most people know little about. Life assured is the one for whom the life insurance … AUTHORIZATION – The power or right to act on behalf of another. Call 1 (780)732-7129 Underinsured Motorists Coverage 103 0 obj <>stream In other words, coverage in case you cause an accident where there … This is especially so due to the use of legal and technical jargon in an insurance policy document. To make it easier for you to understand insurance vocabulary, we list some common insurance terms and explain what they mean. Auto insurance premiums are quoted for either 6 month or annual policy periods. %%EOF 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. Third-party Liability.This refers to the coverage provided by the insurance company to pay out liability claims against you. Collision insurance covers damage to your car caused by an accident. h�bbd```b``�"��H�H�d��,�`�}0; D���,�L�ׂْ �+l�� ���l� 6��dL7��e����OBL@W��$FU�?��O ߯^ Property Damage Liability Coverage Part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone else's personal property. ... A legal definition of insurance that appears in many insurance laws is the . Automobile Liability Insurance Protection in case others hold you legally responsible for bodily injury and/or damage to property losses incurred as the result of a motor vehicle accident. h�b``e``z�������� 63 0 obj <> endobj Some may be required by law. New terms will be added to the glossary over time. This protects you if … �,��C�G�\ +��5��9��ǎ���Q.u����� �z�A���Y@[�$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��. H�\��j� ��>�w�ٜ%P�r����NR�eby��6l�*����s���)d�o݀�@�q�;��@�ڂ. Common insurance terms Certain … 1. 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 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 ... ENDORSEMENT A written form attached to an insurance policy that alters the policyís coverage, terms, or conditions. Two general types are available: term insurance Life insurance with a death benefit but no accumulated savings. 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