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The termination of a home or auto insurance policy during the policy term. Information and translations of auto insurance in the most comprehensive dictionary definitions resource on the web. This coverage also pays the medical expenses of the. Looking at an insurance premium booklet can feel like looking at another language with acronyms and jargon that can make it hard to understand. A slang term used to refer to something favorable that has happened in business. Here youll find definitions and explanations of vehicle insurance terms. Insurance definitions, dictionary, glossary and terms. The following list will, hopefully, be a help to you if you should have to be involved in an insurance discussion. List of all most popular abbreviated insurance terms defined. Car insurance glossary complete list of car insurance terms. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries sustained in an auto.
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Car insurance glossary complete list of car insurance. Applicant a person who fills out and signs a written application for insurance. Consumer glossary national association of insurance. Below youll find definitions of some of the most common terms used when dealing with auto insurance. You must have a certain amount of liability coverage, such as auto and homeowners, before you can buy an umbrella policy. If youre paying on a car loan or a lease, your car may be valued for less than what you owe.
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. Auto claim recordreport how is auto claim recordreport. We provided some important abbreviation related to insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. If there any that you have come across that you dont see here, please let us know and wed be happy to define them for you.
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No state requires collision insurance, but an auto loan lender or a car. The term property insurance includes many lines of available insurance. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Acronyms insurance education insurance information. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Auto insurance glossary a supplement to the automobile. Lets pretend that someone hit your car in a parking lot.
Demystifying car insurance policies, types, and terms state. 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 elses personal property. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance. If buying car insurance feels as challenging as learning a second language, thats because it is. For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. A l b l c l d l e l f l g l h l i l j l k l l l m l n l o l p l q l r l s l t l u l v l w l x l y l z. Car insurance jargon is like a foreign language, often to the point where shopping for a new provider can feel similar to a high school spanish class.
Know these 5 car insurance terms car insurance glossary. This document is for informational purposes only and is not intended to alter or replace the insurance policy. In an automobile policy, anyone who drives the car with the owners consent is an additional insured. Studies show that considering a persons credit behavior can help in predicting potential losses more accurately. Surcharge an increase in your auto insurance premium due to an atfault accident or a moving violation. 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. State farm insurance company acronyms and abbreviations. These can be used in specifications, sales brochures, warning lights anywhere. Our auto insurance terms glossary will help you get the best coverage available. Dont be intimidated by specialized insurance language. Bi pays for injuries to other people when the insured vehicles driver is legally at fault. These are some insurance company name abbreviations used on this web site. For example, your insurance provider might pay 80% of your claim leaving you responsible for paying the remaining 20%.
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It can also help you compare car insurance quotes accurately as youre shopping for car. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid1970s. Mar 19, 2020 rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. For example, if a third party damages your car, but has no insurance, your own insurance will pay you for the loss, if you have collision coverage, and the company will then attempt to collect that money from the uninsured driver. When state law requires that auto ownersoperators have auto insurance. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without hitting anything. You can also download our insurance glossary to share with colleagues or. 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. Insureu online insurance 101 for teen driversopens in a new window. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. Auto insurance terms glossary american family insurance. For more information and additional resources, log onto.
Your american family agent is the perfect person to ask. Auto insurance premium the price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses. Aug 12, 20 for this weeks post, we thought it would be helpful to list and explain some of the most common insurance terms and abbreviations. 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. Many insurance agents work directly for one specific insurance.
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. Abbreviations are commonly asked in ibps and other banking exams. Auto insurance premiums are quoted for either 6 month or annual policy periods. State farm insurance how is state farm insurance abbreviated. Increase your knowledge and better understand your coverages by browsing our glossary of auto insurance terms.