Without a detailed glossary of car insurance terminology, no car insurance resource will be full. To better help you navigate the sometimes complicated world of insurance, we have compiled a list of terms and their meanings. If you wish to learn more about this, visit -Miller Hanover
Accident – This is an accidental sudden accident that causes a person to experience property damage to a vehicle or bodily injury. The occurrence may be a mistake or not, and it may be reported or unreported. A collision can be called an accident between two vehicles.
Accident report form – This is a report submitted by the police, often referred to as a police report, containing important vehicle collision information. The names of all individuals involved, vehicles involved, property damaged, and citations issued will be included in this report.
Adjuster – This is the individual who, after an accident or other incident, will assess the actual loss recorded on the policy. They will determine how much the insurer will pay for the auto insurance policy.
Agent – This is a licensed and qualified person who is approved by the auto insurance provider to sell and service insurance policies.
At Fault – This is the amount you, the policy holder, contributed to the auto collision or caused it. It decides which insurance company pays which portion of the damages.
Auto Insurance Score – This is a credit score-like score that measures the data in your report on consumer credit. When calculating pricing for your auto insurance policy, these ratings are used. Negative marks will raise your auto insurance premiums on your credit report. The use of this data to decide policy pricing varies from state to state.
Automobile insurance – This is a type of insurance policy that covers and protects cars from losses. Depending on the needs of policy holders, car insurance plans provide a wide variety of coverage. Some of the common coverage provided by an auto insurance policy are liabilities for property damage and bodily injuries, uninsured motorist, medical payments, comprehensive, and accident.
Binder – This is a short-term temporary policy arrangement placed in place until a permanent structured policy is put in place or delivered.
Bodily Injury Liability – This is the aspect of an insurance policy that covers the cost of harming someone. Lost salaries and medical costs can be included.
Broker – This is a licensed person who sells and services different insurance plans on your behalf.
Claim – This is a written notification issued to the insurance provider that a failure that could be covered by the auto insurance policy terms has occurred.
Claims Adjuster – All claims and damages will be reviewed and settled by this person employed by the insurance provider. To check and ensure that all parties concerned with the damage are reasonably and appropriately paid by a representative of the insurance provider.
Collision – The part of the insurance policy that covers harm caused to your car by another object being struck. Objects can include another car, a house, curbs, guard rail, tree, telephone pole, or fence, but are not limited to them. A deductible applies. If they are at fault, the insurance provider will go after the insurance plans of the other parties for these expenses.