All posts in Insurance Glossary: T-Z

Termination
June 24, 2011, Comments Off

The date and time the coverage under an insurance policy ends because of cancellation by the insured or insurance compan ...

Threshold Level
June 24, 2011, Comments Off

A threshold is a boundary that must be crossed before an injured person can make a tort liability claim. A threshold can ...

Time Limits
June 24, 2011, Comments Off

There is a limit of time within which a claim and proof of loss must be submitted after the accident or loss. The limit ...

Tort Insurance
June 24, 2011, Comments Off

Under a state with a Tort System as opposed to No-Fault System Add-On Benefits, your liability insurance is generally de ...

Total Loss
June 24, 2011, Comments Off

This is a loss that is so severe that the insurance company concludes that the vehicle is not repairable, taking into ac ...

Towing
June 24, 2011, Comments Off

This is a provision included in many auto insurance policies that provides for reimbursement of towing expenses (and any ...

Traffic School
June 24, 2011, Comments Off

Approved schools you can attend to remove a traffic violation from your motor vehicle record. You can only get violation ...

Travel Trailer
June 24, 2011, Comments Off

This is a non-motorized portable unit and camper designed to provide temporary living quarters for recreational or campi ...

Umbrella Policy
June 24, 2011, Comments Off

This can be a separate policy or an endorsement to your home or auto policy, and supplements the liability coverage you ...

Underinsured Motorist
June 24, 2011, Comments Off

In most states your Uninsured Motorist coverage also includes protection coverage for accidents involving individuals wh ...

Underwriter
June 24, 2011, Comments Off

This person works for either an insurance company or an agency and is a specialist trained in evaluating risks and deter ...

Underwriting
June 24, 2011, Comments Off

This is the process of identifying the risk of a claim by the person insured and classifying his or her potential degree ...

Unearned Premium
June 24, 2011, Comments Off

The unearned premium is the portion of the written premium that has not been exposed to loss. In other words, if you hav ...

Uninsured Motorist
June 24, 2011, Comments Off

This bodily injury coverage pays for injuries, medical costs, rehabilitation, pain and suffering and any funeral costs s ...

Uninsured Motorist Collision Deductible Waiver
June 24, 2011, Comments Off

This coverage pays the collision deductible if the insured vehicle is damaged by an uninsured motorist. The vehicle must ...

Uninsured Motorist Property Damage
June 24, 2011, Comments Off

Shown as UMPD on the policy, this provides for damage to your vehicle in an accident with an uninsured motorist, but onl ...

Uninsured Motorist Stacking
June 24, 2011, Comments Off

Stacking allows you to multiply (or “stack” ) the amount of uninsured/underinsured motorist coverage by the ...

Valid Drivers License
June 24, 2011, Comments Off

This is when your driver’s license is in force as opposed to having expired, been suspended or revoked.

Valued
June 24, 2011, Comments Off

This is an agreement by an insurance company to pay a specified amount of money or “agreed value” to, or on ...

Vandalism
June 24, 2011, Comments Off

This is malicious mischief or willful physical damage to property and its damages are covered by comprehensive.

Vehicle Identification Number
June 24, 2011, Comments Off

This is a unique number given to a vehicle by the manufacturer that can help the insurance company double-check certain ...

Vehicle Registration Card
June 24, 2011, Comments Off

This is a card or document issued by your Department of Motor Vehicles that shows the vehicle that has been registered ( ...

Violation Points
June 24, 2011, Comments Off

Demerits are charged on your driving record for moving violations and accidents. How they are charged varies from state ...

Vis Major
June 24, 2011, Comments Off

An accident for which no one is responsible is considered an Act of God or Vis Major.

Void
June 24, 2011, Comments Off

A policy or other contract that has no legal validity is described as void. When an insurance company voids a life insur ...

Wage Loss
June 24, 2011, Comments Off

This is coverage provided under First-Party Benefits to reimburse you for lost wages. In most states the amount of wages ...

Waiver
June 24, 2011, Comments Off

In general, a waiver is the surrendering or giving up of a privilege that is known to exist. For example, a waiver can r ...

Waiver of Collision Deductible
June 24, 2011, Comments Off

This coverage is available in certain states and only if you have Uninsured Motorist Coverage. With this coverage, if an ...

Write a Policy
June 24, 2011, Comments Off

To “write a policy” is insurance lingo for providing insurance.

Youthful Driver
June 24, 2011, Comments Off

One factor insurance companies take into consideration when determining rates is age. A “youthful driver” is ...

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