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This is a person who is listed on the policy as a driver of any of the covered vehicles.
These are drivers in your household or others whom you specify are not to be covered by your insurance policy.
This is any person specified by their name as the insured(s) on a policy, typically a single person, or wife and husband ...
This coverage is for individuals who do not own autos and need insurance because they drive borrowed autos.
This organization is comprised of state insurance commissioners and other state officials who have the authority to regu ...
This is the division within the Department of Transportation that oversees and administrates safety regulations, such as ...
The failure to exercise the care that an ordinary, reasonable person would exercise; either doing that which a prudent p ...
Any auto purchased after the effective date, but before the expiration date of an auto policy is considered “newly ...
While it varies from state to state, typically no-fault coverage provides first party benefits for medical expenses, los ...
Under a state with a No-Fault system as opposed to a Tort system or Add-On Benefits Systems, your insurance company woul ...
Discounts may be available for liability, no fault medical benefits and collision to someone who has not smoked cigarett ...
This is a cancellation of insurance coverage at the expiration date. A nonrenewal can be initiated by the policyholder ( ...
This insurance company is not licensed to do business in a particular state.
This is an individual licensed in a state in which he or she does not reside.
An insurance company that provides coverage for those risks that cannot be placed with a preferred, standard or assigned ...
This pertains to a request for coverage in which the potential policyholder does not satisfy the preferred or standard r ...
Written notice of intent to cancel insurance can come from either the company or the insured.
This is when you officially communicate to the insurance company that you have suffered a loss for which you are insured ...
This is the person who drives the vehicle infrequently.
This is an event, such as an accident or theft that results in a loss for the insured. Coverage typically responds on a ...
This is the instrument on a vehicle that measures distances traveled.
This represents the extent to which a company’s costs of operating are fixed (rent, insurance, executive salaries) ...
This is a measure of how well the company is doing. Many different measures, such as expense ratios, sales performance a ...
The management of a company can influence how the company handles its daily and long-term operations. Among the manageme ...
Other is a category of coverage on your premium breakdown screen, that refers to the cost of including certain state spe ...
This coverage specifies which persons are entitled to benefits out of state. Example: There is an accident in a Tort sta ...
Passive Disabling alarms automatically engage devices that disable the ignition, battery or other vehicle features that ...
People you permit to borrow your auto are covered as permissive users. However, if the person is not a named driver on t ...
You may be rewarded with a credit for persistency if you have been insured with a specific company over a period of time ...
PIP is a First Party Benefit available in states with mandatory or optional No-Fault coverage. It usually includes medic ...
This term refers to insurance for individuals and families, including automobile, homeowners, umbrella, fine arts, water ...
This specifies which persons may receive the First-Party Benefits under a No-Fault policy when the accident occurs in th ...
In a No-Fault state, these are the persons to whom First-Party Benefits may or must be withheld from in the event of an ...
This term indicates coverage from such perils as collision (accident) and comprehensive (fire and theft) to your covered ...
This is a driver with a restriction on his/her license that refers to a disability. Medical questions asked on the auto ...
This is a printed document, which is issued by the insurance company and states the terms of the insurance contract. It ...
Additions, deletions, or changes to the coverage of a policy are endorsements or policy changes. These can include the c ...
An additional premium charge added to a policy by the agent or broker to service your policy. Your insurance company may ...
This is the amount of money a company sets aside today, so that after receipt of future premiums, less expenses, the com ...
This is the person who owns the policy. The policyholder is also often referred to as the “insured” and R ...
This is an association or syndicate of insurance companies who share proportionately in writing auto insurance for peopl ...
By accepting this option, you agree to repair your car at pre-approved auto repair shops named by the insurance company. ...
This is an insurance company that writes auto insurance policies for drivers who are considered better risks as compared ...
This is the amount of money an insurance company charges to provide specific coverage for a specified period of time.
This is defined as the number of times during the policy year that you need to pay premiums. Frequency options are typic ...
Insurance companies or agents notify a policyholder that a premium will be due on a given date. Also referred to as a bi ...
This is a vehicle that has belonged to someone else prior to your purchasing it. It is also known as a used vehicle.
This means that First-Party Benefits must be exhausted before other sources can be called upon when similar benefits are ...
This is coverage, such as auto insurance, that provides benefits up to the limits of a policy, regardless of what other ...
A person who fills out and signs a request for insurance coverage is usually referred to as the primary insured or appli ...
Principal Driver is the person who drives the car most frequently.
This specifies the order in which different policies apply to a claim when there is more than one policy involved.
Insurance companies usually define these as four-wheel vehicles that are not used to carry passengers for a fee. Pick-up ...
When policyholders cancel a policy, they are entitled to the unearned portion of the premium for the unused period of th ...
An agent, solicitor or individual, licensed to sell insurance is also known as a producer.
These are the types of insurance coverage offered by an insurance company, such as term life, fixed-rate annuity, home, ...
You must make a formal statement regarding your loss before the insurance company will pay a claim. This statement is ca ...
Property Damage is the part of your liability coverage that will pay damages to another’s property (up to the limi ...
This term is used interchangeably with “coverage” and “insurance.”
Also called exemplary damages, these are awarded by the court to acknowledge and punish a negligent party for wanton, re ...
Analysts look at an insurance company’s investment in terms of type, quality and security and how well they are sp ...
Most insurance companies define recreational vehicles as the following: All terrain vehicles, dune buggies, golf carts, ...
This is the person who is named as the owner or responsible party for a vehicle in the records of the state Department o ...
Putting coverage back into effect after it was cancelled or suspended is called reinstatement.
Insurance companies need to limit the amount of exposure on any one claim or event to avoid large income fluctuations (o ...
Coverage is automatically issued to replace an expiring policy.
An insurance company issues this document to its policyholder to show proof of coverage for yet another policy term (aft ...
This coverage provides costs for rental car coverage when, for example, the policyholder’s car is stolen or damage ...
This is a new policy issued to take the place of another policy currently in force. See Renewal Certificate.
These are benefits to pay someone, other than a family member, for services the victim would have normally performed wit ...
This is a required written statement by a potential policyholder, which provides that information that an insurance comp ...
This designates additional deductibles, which insurers must offer and insured may accept. Limits are specific to each st ...
This designates additional deductibles, which insurers must offer and insured may accept. Limits are specific to each st ...
This term applies to the assets that are earmarked to pay future benefits.
This term is used to describe whether the amount of the assets are able to support future benefit payments.
These are air bags, seatbelts and combination of air bags, seat/shoulder belts. Depending on the state laws and individu ...
Upon cancellation of an insurance policy prior to the expiration date, the unused portion of the premium is returned to ...
The chance that you will have an accident or loss is a risk and the reason why you buy automobile insurance. The extent ...
Your past experience in the insurance company’s eyes is all about how many automobile losses and violations you ha ...
This is about managing the balance between assets and liabilities or debts and establishing the desired ratio. Capital r ...
These are factors, such as your sex, marital status, use of vehicles and/or where you live, that are used in addition to ...
Usually this is a claims payment or policy benefit. It signals an agreement as to the amount and method of payment. It c ...
When an insured cancels a policy midterm or before the expiration date of the policy, the premium refunded to the insure ...
This type of liability limit is expressed in a single number. It is also referred to as Combined Single Limit (CSL). It ...
These are damages that can be measured, such as time off from work. Limits are specific to each state.
These would include equipment or accessories installed in your vehicle such as a stereo, CD player or cellular phone. In ...
This coverage pays a certain amount for each injured person and a total amount per accident for all injured persons. Thi ...
The spread of risks refers to whether or not the risks assumed by the company are spread out or are they concentrated in ...
An insurance practice that increases the money available to pay auto liability claims. In states where this practice is ...
This New York-based rating service bases its judgment of insurers on their claims paying ability. The more reliable a ca ...
This is an insurance company that offers policies with all the basic and optional coverages that you would want on one p ...
Sometimes shown as “Agreed Value,” this is the agreed amount to be paid in the event of a total loss, regard ...
A Street Rod is a vehicle or replica over 25 years old which is limited to 2,500 miles or less per year, appreciating in ...
This is coverage that is not included in the standard automobile insurance policy. Examples of optional coverage are tow ...
This is the amount by which the total company assets exceed the assets earmarked to pay future policy benefits. In other ...
Surplus adequacy is a measure of whether a company’s assets in excess of liabilities are sufficient to pay your be ...
A risk for which there is no readily available insurance market available can be placed with a nonadmitted insurance com ...
This weighs whether or not the insurance company has enough surplus to cover the risks it is assuming. For instance, a c ...
Generally, survivor benefits include compensation to dependents of the deceased victim for lost wages and replacement se ...
A group, association or pool of insurance companies who join economic forces to provide coverage that may be of such tot ...
