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Year's auto insurance definition of terms can deceptive Apple

How many types of insurance in India - By Ishan [Hindi]

Fantasy worlds. Splashy rides. Better food. Check out what's new at amusement parks this summer. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. Actual cash value is the fair market value of your vehicle.

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Credit Health Insurance - policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor should the debtor become disabled. Credit Involuntary Unemployment - credit insurance that provides a monthly or lump sum benefit during an unpaid leave of absence from employment resulting from specified causes, such as layoff, business closure, strike, illness of a close relative and adoption or birth of a child. This insurance is sometimes referred to as Credit Family Leave.

Credit Life Insurance - policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor. Credit Personal Property Insurance - insurance written in connection with a credit transaction where the collateral is not a motor vehicle, mobile home or real estate and that covers perils to the goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns a creditor's interest in the purchased goods or pledged collateral, either in whole or in part; or covers perils to goods purchased in connection with an open-end transaction.

Credit Placed Insurance - insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense or damage to property as a result of fire, theft, collision or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral.

Credit Risk - part of the risk-based capital formula that addresses the collectability of a company's receivables and the risk of losing a provider or intermediary that has received advance capitation payments.

Creditor-Placed Auto - single interest or dual interest credit insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss to property that would either impair a creditor's interest or adversely affect the value of collateral on automobiles, boats, or other vehicles.

Creditor-Placed Home - single interest or dual interest credit insurance purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss to property that would either impair a creditor's interest or adversely affect the value of collateral on homes, mobile homes, and other real estate.

Crop - coverage protecting the insured against loss or damage to crops from a variety of perils, including but not limited to fire, lightening, loss of revenue, tornado, windstorm, hail, flood, rain, or damage by insects.

Declarations - policy statements regarding the applicant and property covered such as demographic and occupational information, property specifications and expected mileage per year. Deferred Annuity - annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specified number of years or at a specified age.

Demutualization - conversion of a mutual insurance company to a capital stock company. Dental Insurance - policies providing only dental treatment benefits such as routine dental examinations, preventive dental work, and dental procedures needed to treat tooth decay and diseases of the teeth and jaw.

Car & bike Insurance coverage explained. including Third Party & Comprehensive Insurance)

Dental Only - line of business providing dental only coverage; coverage can be on a stand-alone basis or as a rider to a medical policy. If the coverage is as a rider, deductibles or out-of-pocket limits must be set separately from the medical coverage. Derivative - securities priced according to the value of other financial instruments such as commodity prices, interest rates, stock market prices, foreign or exchange rates.

Difference In Conditions DIC Insurance - special form of open-peril coverage written in conjunction with basic fire coverage and designed to provide protection against losses not reimbursed under the standard fire forms.

Examples are flood and earthquake coverage.

Auto Insurance Glossary of Terms

Direct Incurred Loss - loss whereby the proximate cause is equivalent to the insured peril. Direct Loss - Damage to covered real or personal property caused by a covered peril.

Direct Writer - an insurance company that sells policies to the insured through salaried representatives or exclusive agents only; reinsurance companies that deal directly with ceding companies instead of using brokers. Direct Written Premium - total premiums received by an insurance company without any adjustments for the ceding of any portion of these premiums to the Reinsurer. Disability Income - a policy designed to compensate insured individuals for a portion of the income they lose because of a disabling injury or illness.

Dividend - a refund of a portion of the premium paid by the insured from insurer surplus. Domestic Insurer - an insurance company that is domiciled and licensed in the state in which it sells insurance. Dual Interest - insurance that protects the creditor's and the debtor's interest in the collateral securing the debtor's credit transaction. Early warning system - a system designed by insurance industry regulators of identifying practices and risk-related trends that contribute to systemic risk by measuring insurer' financial stability.

Earned Premium - portion of insured's prepaid premium allocated to the insurance company's loss experience, expenses, and profit year- to -date. Earthquake - property coverages for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption.

Excluded are losses resulting from fire, explosion, flood or tidal wave following the covered event. EBNR - Earned but not reported - premium amount insurer reasonably expects to receive for which contracts are not yet final and exact amounts are not definite. EDP Policies - coverage to protect against losses arising out of damage to or destruction of electronic data processing equipment and its software.

Elevators and Escalators Liability - liability coverage for bodily injury or property damage arising from the use of elevators or escalators operated, maintained or controlled by the insured. Employee Benefit Liability - liability protection for an employer for claims arising from provisions in an employee benefit insurance plan provided for the economic and social welfare of employees.

Examples of items covered are pension plans, group life insurance, group health insurance, group disability income insurance, and accidental death and dismemberment.

Employee Retirement Income Security Act of ERISA - a federal statute governing standards for private pension plans, including vesting requirements, funding mechanisms, and plan design. Employers Liability - employers' liability coverage for the legal liability of employers arising out of injuries to employees.

This code should be used when coverage is issued as an endorsement, or as part of a statutory workers' compensation policy. Employment Practices Liability Coverage - liability insurance for employers providing coverage for wrongful termination, discrimination, or sexual harassment of the insured's current or former employees. Encumbrance - outstanding mortgages or other debt related to real estate and any unpaid accrued acquisition or construction costs. Endorsement - an amendment or rider to a policy adjusting the coverages and taking precedence over the general contract.

Enrollment The total number of plans, not the total number of covered lives, providing coverage to the enrollee and their dependents. Environmental Impairment Liability EIL - coverage for negligence or omission resulting in pollution or environmental contamination.

Environmental Pollution Liability - liability coverage of an insured to persons who have incurred bodily injury or property damage from acids, fumes, smoke, toxic chemicals, waste materials or other pollutants. Equity Indexed Annuity - a fixed annuity that earns interest or provides benefits that are linked to an external reference or equity index, subject to a minimum guarantee.

Errors and Omissions Liability Professional Liability other than Medical - liability coverage of a professional or quasi professional insured to persons who have incurred bodily injury or property damage, or who have sustained any loss from omissions arising from the performance of services for others, errors in judgment, breaches of duty, or negligent or wrongful acts in business conduct.

Event Cancellation - coverage for financial loss because of the cancellation or postponement of a specific event due to weather or other unexpected cause beyond the control of the insured.

Auto insurance definition of terms

Excess and Umbrella Liability - liability coverage of an insured above a specific amount set forth in a basic policy issued by the primary insurer; or a self insurer for losses over a stated amount; or an insured or self insurer for known or unknown gaps in basic coverages or self insured retentions. Excess of Loss Reinsurance - loss sharing mechanism where an insurer pays all claims up to a specified amount and a reinsurance company pays any claims in excess of stated amount.

Expense Ratio - percentage of premium income used to attain and service policies. Derived by subtracting related expenses from incurred losses and dividing by written premiums. Experience Rating - rating system where each group is rated entirely on the basis of its own expected claims in the coming period, with retrospective adjustments for prior periods.

There is a large range of specific auto insurance terms. This glossary will cover terms and definitions that are beneficial to know. This page provides a glossary of insurance terms and definitions that are commonly . Automobile Liability Insurance - coverage for bodily injury and property. Glossary of Common Auto Insurance Terms. NOTICE: This document is for informational purposes only and is not intended to alter or replace.

This method is prohibited under the conditions for federal qualification. Extra Expense Insurance - a type of property insurance for extraordinary expenses related to business interruption such as a back-up generator in case of power failure. Facultative Reinsurance - reinsurance for a specific policy for which terms can be negotiated by the original insurer and reinsurer.

FAIR Plan - Fair Access to Insurance Requirements - state pools designed to provide insurance to property owners who are unable to obtain property insurance through conventional means. Fair Value - the amount at which an asset or liability could be bought or incurred or sold or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. If a quoted market price is available, the fair value is the product of the number of trading units times market price. Farmowners Insurance - farmowners insurance sold for personal, family or household purposes.

This package policy is similar to a homeowners policy, in that it has been developed for farms and ranches and includes both property and liability coverage for personal and business losses. Coverage includes farm dwellings and their contents, barns, stables, other farm structures and farm inland marine, such as mobile equipment and livestock.

Federal Flood Insurance - coverage for qualifying residents and businesses in flood prone regions through the National Flood Insurance Act, a federally subsidized flood insurance program enacted in This includes the following products: FEMA - Federal Emergency Management Agency - an independent agency, tasked with responding to, planning for, mitigating and recovery efforts of natural disasters.

Fidelity - a bond or policy covering an employer's loss resulting from an employee's dishonest act e. Financial Guaranty - a surety bond, insurance policy, or an indemnity contract when issued by an insureror similar guaranty types under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee or indemnitee as a result of failure to perform a financial obligation or any other permissible product that is defined as or determined to be financial guaranty insurance.

Financial Reporting - insurance companies are required to maintain records and file annual and quarterly financial statements with regulators in accordance with statutory accounting principles SAP.

Statutory rules also govern how insurers should establish reserves for invested assets and claims and the conditions under which they can claim credit for reinsurance ceded. Financial Responsibility Law - a statute requiring motorists to show capacity to pay for automobile-related losses. Financial Statement - balance sheet and profit and loss statement of an insurance company. This statement is used by the NAIC, and by State Insurance Commissioners to regulate an insurance company according to reserve requirements, assets, and other liabilities.

Fire - coverage protecting the insured against the loss to real or personal property from damage caused by the peril of fire or lightning, including business interruption, loss of rents, etc.

An example is a tenant who, while occupying another party's property, through negligence causes fire damage to the property. Flood - coverage protecting the insured against loss or damage to real or personal property from flood. If coverage for flood is offered as an additional peril on a property insurance policy, file it under the applicable property insurance filing code.

Auto Insurance Glossary of Terms. If you feel like you need to take a foreign language course to "speak insurance" don't worry, you're not alone! But, you need to. Do you know what an SR Form is? What about PIP or No-Fault? Find out the definition of important insurance terms. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. It can also help you compare car.

Foreign Insurer - an insurance company selling policies in a state other than the state in which they are incorporated or domiciled.

Foreign Investment - an investment in a foreign jurisdiction, or an investment in a person, real estate or asset domiciled in a foreign jurisdiction. An investment shall not be deemed to be foreign if the issuing person, qualified primary credits source or qualified guarantor is a domestic jurisdiction or a person domiciled in a domestic jurisdiction, unless: Foreign jurisdiction - a jurisdiction outside of the United States, Canada or any province or political subdivision of the foregoing.

Fraternal Insurance - a form of group coverage or disability insurance available to members of a fraternal organization.

You pay for car insurance every month and may make a claim or two in your lifetime. Be a smarter consumer by understanding car insurance. 10 common car insurance terms every consumer should know because they appear on your Also, a low deductible means a high premium. Car insurance terminology is confusing. We're here to help. Browse our insurance glossary for the knowledge to fully understand your coverage.

Fronting - an arrangement in which a primary insurer acts as the insurer of record by issuing a policy, but then passes the entire risk to a reinsurer in exchange for a commission. Often, the fronting insurer is licensed to do business in a state or country where the risk is located, but the reinsurer is not. Generally Accepted Accounting Principles GAAP - an aggregate of the accounting standards, principles and best practices for the preparation of financial statements allowing for consistency in reporting.

Established a framework of responsibilities of federal and state regulators for these financial industries. It permits financial services companies to merge and engage in a variety of new business activities, including insurance, while attempting to address the regulatory issues raised by such combinations. Goodwill - the difference between the cost of acquiring the entity and the reporting entity's share of the book value of the acquired entity. Gross Paid-in and Contributed Surplus - amount of capital received in excess of the par value of the stock issued.

Gross Premium - the net premium for insurance plus commissions, operating and miscellaneous commissions. For life insurance, this is the premium including dividends. Group Accident and Health - coverage written on a group basis e. Excludes amounts attributable to uninsured accidents and health plans and the uninsured portion of partially insured accident and health plans. Group Annuities Deferred Non- Variable and Variable - an annuity contract that provides an accumulation based on both 1 funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and 2 funds where the accumulation vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder.

The contract provides for the initiation of payments at some designated future date. Group Annuities Deferred Variable - an annuity contract that provides an accumulation based fund where the accumulation varies in accordance with the rate of return of the underlying investment portfolio selected by the policyholder. Must include at least one option to have the accumulation vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder and may include at least one option to have the series of payments vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder.

This annuity contract provides for the initiation of payments at some designated future date. Group Annuities Immediate Non-Variable and Variable - an annuity contract that provides an accumulation based on both 1 funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and 2 funds where the accumulation vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder.

The contract provides for the initiation of payments at some interval that may vary, however the annuity payouts must begin within 13 months. Group Annuities Immediate Variable - an annuity contract that provides for the first payment of the annuity at the end of the fixed interval of payment after purchase.

The amount varies with the value of equities separate account purchased as investments by the insurance companies. Group Annuities Unallocated - annuity contracts or portions thereof where the Insurer purchases an annuity for the retirees. Group Annuity - a contract providing income for a specified period of time, or duration of life for a person or persons established to benefit a group of employees.

Group Code - a unique three to five digit number assigned by the NAIC to identify those companies that are part of a larger group of insurance companies. Group Health Organizations Health Maintenance HMO - a plan under which an enrollee pays a membership fixed fee in advance in return for a wide range of comprehensive health care services with the HMO's approved providers in a designated service area.

Guaranty Fund - funding mechanism employed by states to provide funds to cover policyholder obligations of insolvent reporting entities. Hazard - circumstance which tends to increase the probability or severity of a loss. Its purpose is to insure against the risk that any one claim will exceed a specific dollar amount or that an entire plan's losses will exceed a specific amount. Health Insurance - a generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses.

Health Maintenance Organization HMO - a medical group plan that provides physician, hospital, and clinical services to participating members in exchange for a periodic flat fee. Health Plan - written promise of coverage given to an individual, family, or group of covered individuals, where a beneficiary is entitled to receive a defined set of health care benefits in exchange for a defined consideration, such as a premium.

Hold-Harmless Agreement - A risk transfer mechanism whereby one party assumes the liability of another party by contract. Homeowners Insurance - a package policy combining real and personal property coverage with personal liability coverage. Coverage applicable to the dwelling, appurtenant structures, unscheduled personal property and additional living expense are typical. Includes mobile homes at a fixed location.

Hospital Indemnity Coverage - coverage that provides a pre-determined, fixed benefit or daily indemnity for contingencies based on a stay at a hospital or intensive care facility. Incontestability Provision - a life insurance and annuity provision limiting the time within which the insurer has the legal right to void the contract on grounds of material misrepresentation in the policy application. Estimates are established to book these claims.

May include losses that have been reported to the reporting entity but have not yet been entered into the claims system or bulk provisions. Bulk provisions are reserves included with other IBNR reserves to reflect deficiencies in known case reserves. Incurred Claims - paid claims plus amounts held in reserve for those that have been incurred but not yet paid. Incurred Losses - sustained losses, paid or not, during a specified time period.

Incurred losses are typically found by combining losses paid during the period plus unpaid losses sustained during the time period minus outstanding losses at the beginning of the period incurred in the previous period.

Indemnity, Principle of - a general legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to the approximate financial position he or she was in prior to the loss. Legal principle limiting compensation for damages be equivalent to the losses incurred. Independent Adjuster - freelance contractor paid a fee for adjusting losses on behalf of companies.

Independent Agent - a representative of multiple insurance companies who sells and services policies for records which they own and operate under the American Agency System. Independent Contractor - an individual who is not employed for a company but instead works for themselves providing goods or services to clients for a fee. Individual Annuities Deferred Variable - an annuity contract that provides an accumulation based fund where the accumulation varies in accordance with the rate of return of the underlying investment portfolio selected by the policyholder.

Individual Annuities Immediate Variable - an annuity contract that provides for the first payment of the annuity at the end of the fixed interval of payment after purchase. Individual Annuities Special - contracts with certain noteworthy attributes. Individual Annuities- Deferred Non-Variable and Variable - an annuity contract that provides an accumulation based on both 1 funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and 2 funds where the accumulation vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder.

Individual Annuities- Deferred Non-Variable - an annuity contract that provides an accumulation based on funds that accumulate based on a guaranteed crediting interest rate or additional interest rate. Individual Annuities- Immediate Non-Variable - an annuity contract that provides for the fixed payment of the annuity at the end of the first interval of payment after purchase.

Individual Annuities- Immediate Non-Variable and Variable - an annuity contract that provides an accumulation based on both 1 funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and 2 funds where the accumulation vary in accordance with the rate of return of the underlying investment portfolio selected by the policyholder. This includes conversions from group policies. Industrial Life - Industrial life insurance, also called "debit" insurance, is insurance under which premiums are paid monthly or more often, the face amount of the policy does not exceed a stated amount, and the words "industrial policy" are printed in prominent type on the face of the policy.

Inland Marine - coverage for property that may be in transit, held by a bailee, at a fixed location, a movable good that is often at different locations e. This line also includes instrumentalities of transportation and communication, such as bridges, tunnels, piers, wharves, docks, pipelines, power and phone lines, and radio and television towers.

Insurable Interest - A right or relationship in regard to the subject matter of the insured contract such that the insured can suffer a financial loss from damage, loss or destruction to it. Bickelhaupt and Magee. Insurance - an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.

Insurance Holding Company System - consists of two or more affiliated persons, one or more of which is an insurer. Insurance to Value - Amount of insurance purchased vs. Intermediary - a person, corporation or other business entity not licensed as a medical provider that arranges, by contracts with physicians and other licensed medical providers, to deliver health services for a health insurer and its enrollees via a separate contract between the intermediary and the insurer.

International - includes all business transacted outside the U. Investment grade - the obligation has been determined to be in one of the top four generic lettered rating classifications by a securities rating agency acceptable to the commissioner, that the obligation has been identified in writing by such a rating agency to be of investment grade quality, or, if the obligation has not been submitted to any such rating agency, that the obligation has been determined to be investment grade Class 1 and Class 2 by the Securities Valuation Office of the National Association of Insurance Commissioners.

Investment Income Accrued - investment income earned as of the reporting date but not legally due to be paid to the reporting entity until subsequent to the reporting date.

When searching for the best auto insurance coverage, it helps to understand industry terms like liability and full coverage.

Investment Income Due - investment income earned and legally due to be paid to the reporting entity as of the reporting date. Investment Income Gross - shall be recorded as earned and shall include investment income collected during the period, the change in investment income due and accrued, the change in unearned investment income plus any amortization e.

Irrevocable Beneficiary - a life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured's lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary's consent.

Glossary of auto insurance terms

Joint and Last Survivor Annuity - retirement plan that continues to payout so long as at least one, of two or more, annuitants is alive. Joint Underwriting Association JUA - a loss-sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure. Joint-Life Annuity - an annuity contract that ceases upon the death of the first of two or more annuitants.

Key-Persons Insurance - a policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations. Lapse - termination of a policy due to failure to pay the required renewal premium. Level Premium Insurance - life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout.

Liability - a certain or probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or to provide services to other entities in the future as a result of a past transactions s or event s.

Life Endowment - insurance that pays the same benefit amount should the insured die during the term of the contract, or if the insured survives to the end of the specified coverage term or age. Life Flexible Premium Adjustable Life - a group life insurance that provides a face amount that is adjustable to the certificate holder and allows the certificate holder to vary the modal premium that is paid or to skip a payment so long as the certificate value is sufficient to keep the certificate in force, and under which separately identified interest credits other than in connection with dividend accumulation, premium deposit funds or other supplementary accounts and mortality and expense charges are made to individual certificates while providing minimum guaranteed values.

Life Settlements - a contract or agreement in which a policyholder agrees to sell or transfer ownership in all or part of a life insurance policy to a third party for compensation that is less than the expected death benefit of a policy. Lifetime Disability Benefit - a provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured's life in case of permanent disability. Also include short-term care policies that provide coverage for less than one year for medical and other services provided in a setting other than an acute care unit of the hospital.

Limited Payment Life Insurance - a form of whole-life insurance with a pre-defined number of premiums to be paid. Limited Policies - health insurance coverage for a certain ailment, such as cancer. Liquor Liability - coverage for the liability of an entity involved in the retail or wholesale sales of alcoholic beverages, or the serving of alcoholic beverages, to persons who have incurred bodily injury or property damage arising from an intoxicated person.

Living benefits rider - a rider attached to a life insurance policy providing long term care for the terminally ill. Lloyd's of London - association offering membership in various syndicates of wealthy individuals organized for the purpose of writing insurance for a particular hazard. Long Duration Contracts - contracts, excluding financial guaranty contracts, mortgage guaranty contracts and surety contracts, that fulfill both of the following conditions: Long-Term Care - policies that provide coverage for not less than one year for diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting other than an acute care unit of a hospital, including policies that provide benefits for cognitive impairment or loss of functional capacity.

This includes policies providing only nursing home care, home health care, community based care, or any combination. Long-Term Disability Income Insurance - policy providing monthly income payments for insureds who become disabled for an extensive length of time, typically two years or longer.

Loss - physical damage to property or bodily injury, Including loss of use or loss of income. Loss Adjustment Expense LAE - expected payments for costs to be incurred in connection with the adjustment and recording of losses. Can be classified into two broad categories: Loss of Use Insurance - policy providing protection against loss of use due to damage or destruction of property.

Loss Payable Clause - coverage for third party mortgagee in case of default on insured property, secured by a loan, that has been lost or damaged.

Loss Reserve - the amount that insurers set aside to cover claims incurred but not yet paid. Loss Reserves - an estimate of liability or provision in an insurer's financial statement, indicating the amount the insurer expects to pay for losses incurred but not yet reported or reported claims that haven't been paid.

Losses Incurred But Not Reported IBNR - An estimated amount set aside by the insurance company to pay claims that may have occurred, but for some reason have not yet been reported to the insurance company. Malpractice - alleged misconduct or negligence in a professional act resulting in loss or injury. Managed Care - system of health care delivery that attempts to influence the utilization, quality, and cost of services provided. Manufacturers Output Policies - provides broad form coverage of personal property of an insured manufacturer including raw material, goods in process, finished goods and goods shipped to customers.

Margin Premium - a deposit that an organization is required to maintain with a broker with respect to the Futures Contracts purchased or sold. Market Value - fair value or the price that could be derived from current sale of an asset. Mechanical Breakdown Insurance - premiums attributable to policies covering repair or replacement service, or indemnification for that service, for the operational or structural failure of property due to defects in materials or workmanship, or normal wear and tear.

May cover motor vehicles, mobile equipment, boats, appliances, electronics, residual structures, etc. Medical Malpractice - insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the death or injury of any person due to the insured's misconduct, negligence, or incompetence, in rendering or failure to render professional services. Medical Only - line of business that provides medical only benefits without hospital coverage.

An example would be provider-sponsored organizations where there is no coverage for other than provider non-hospital services. Medical Professional Liability - insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the death or injury of any person due to the insured's misconduct, negligence, or incompetence in rendering professional services.

Medical Professional Liability is also known as Medical Malpractice. A household member of the policyowner, who is also covered by the policy as a driver typically all licensed drivers in the home aside from the primary driver. A crash that you cause, either partially or completely.

A request for payment from your car insurer to cover vehicle repairs, injury treatment or other costs. Car insurance quote. Collision coverage. Pays to fix your vehicle if you cause a crash or have a one-car accident, such as hitting a tree. Comprehensive coverage. Pays to repair your car after animal collisions, and also covers a specific list of noncollision issues including car theft, falling objects and fire, among others.

Predetermined amount your insurer subtracts from your settlement for collision and comprehensive claims. The exact day your auto policy starts. Full coverage car insurance. A policy that includes liability insurance plus collision and comprehensive coverage.

If your car is totaled or stolen, pays the difference between its dollar value and your remaining auto loan balance, if the balance is the higher number. Liability insurance. Pays for others' injury treatment and property damage if you cause a crash, as well as your legal defense costs if you're sued. The maximum amount your policy will pay for a given accident. Pays for your own injury treatment and that of your passengers no matter who caused the crash up to your policy limit.

Personal injury protection PIP. Similar to MedPay, PIP pays for your injury treatment and that of your passengers regardless of who caused the accident. How you most commonly use your vehicle, such as for commuting, pleasure or business. The cost of your auto insurance, either monthly, yearly or per six-month period. SR insurance form.

Official document some states require to prove you have sufficient car insurance.

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