Your auto insurance terms glossary your aaa network. Demystifying car insurance policies, types, and terms state. 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. Damage appraisals may be completed by an insurance adjuster or vehicle repair specialist. If you need the meaning of a particular phrase, choose the letter which begins the expression, e. Key terms for understanding car insurance nerdwallet. Search for the meaning of over 20,000 expressions for automobiles, bicycles, motorcycles, engines, and boats. With nofault auto insurance, in some states the dollar threshold stops an individual from suing for recovery from pain and suffering until they have reached a certain dollar threshold on their medical expenses.
Insurance definitions, dictionary, glossary and terms. Each sector of the insurance business has its own set of acronyms to cover situations, organizations and items related to that area. Understanding your auto insurance doesnt have to be difficult. Auto liability coverage that protects against financial loss because of legal liability for motor vehicle related injuries bodily injury and medical payments or. No state requires collision insurance, but an auto loan lender or a car. The insurance premium is the amount you pay for your insurance, normally on an annual basis or by instalments. 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. We provided some important abbreviation related to 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. For this weeks post, we thought it would be helpful to list and explain some of the most common insurance terms and abbreviations. Glossary of common auto insurance terms helpinsure. Many insurance agents work directly for one specific insurance. The list of 7 574 insurance related acronyms and abbreviations april 2020.
Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Your american family agent is the perfect person to ask. An analysis of how vehicles stand up under various types of crash testing. A discount toward auto insurance premiums for young drivers that is available in some states. Auto insurance glossary the following are some general terms that may be helpful to you in reading and understanding your automobile insurance policy. Irmi update provides thoughtprovoking industry commentary every other week, including links to articles from industry experts. Auto insurance provides protection from losses resulting from owning and operating an auto. A policyholders request for reimbursement from an insurance company for a loss of property. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Bi pays for injuries to other people when the insured vehicles driver is legally at fault. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Auto insurance terms glossary american family insurance. The following list will, hopefully, be a help to you if you should have to be involved in an insurance.
There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Insureu online insurance 101 for teen driversopens in a new window. Auto insurance premium the price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses. Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. It can also help you compare car insurance quotes accurately as youre shopping for car. Consumer glossary national association of insurance. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance quotes from wellrespected companies. This list contains the most common abbreviations used in the oed. The payment required for an insurance policy to remain in force.
But, you need to at least understand the basic auto insurance. Our auto insurance terms glossary will help you get the best coverage available. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without hitting anything. A slang term used to refer to something favorable that has happened in business. For more information and additional resources, log onto. This coverage also pays the medical expenses of the. This is a policy that floats above your other coverage. So, if your car is totaled in an accident, gap insurance helps you pay off your loan or lease, minus the deductible.
The value of a car after it has been in an accident and repaired. This car repair term abbreviation table has been created by ase certified mechanics to help you understand the acronyms of the automotive industry. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. An insurance company can only cancel an insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides. When state law requires that auto ownersoperators have auto insurance. In an automobile policy, anyone who drives the car with the owners consent is an additional insured. State farm insurance company acronyms and abbreviations. Insurance glossary niba national insurance brokers association.
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. Surcharge an increase in your auto insurance premium due to an atfault accident or a moving violation. These can be used in specifications, sales brochures, warning lights anywhere. Collision insurance covers damage to your car caused by an accident. Browse the list of 7 574 insurance acronyms and abbreviations with their meanings and definitions. Car is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms the free dictionary.
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List of all of the auto insurance dictionary terms on insuranceopedia. Insurance terms used in the area of residential title insurance. If there any that you have come across that you dont see. Common insurance acronyms guidebook us insurance agents. For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance. You might choose this if your vehicle is fairly new, has.
Car insurance glossary complete list of car insurance. A smartphone app is a mobile software application that you can download and. 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. 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. Browse our insurance glossary for the knowledge to fully understand your coverage. 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. 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. Auto insurance premiums are quoted for either 6 month or annual policy periods. Auto insurance glossary a supplement to the automobile insurance guide the auto insurance glossary, a supplement to the automobile insurance guide, is brought to you by the pennsylvania insurance department. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. Uninsured motorists coverage, for costs resulting from an accident involving a hitandrun driver or a driver who does not have insurance. Collision coverage pays for damage to a car without regard to who caused an accident.
Learn insurance terms and abbreviations with free interactive flashcards. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Auto claim recordreport how is auto claim recordreport. Auto insurance premium the price an insurance company. Know these 5 car insurance terms car insurance glossary. Car insurance coverage that is available to those who do not own vehicles but may rent or borrow anothers car often.
Looking for online definition of car or what car stands for. This language, if it can be called a language, can be confusing. 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. Information and translations of auto insurance in the most comprehensive dictionary definitions resource on the web. 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. The vin contains the vehicles serial number, as well as abbreviations for the. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance. Dont be intimidated by specialized insurance language. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. 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 accident. If you take a defensive driving course, you may be able to get a discount on your auto insurance.
Abbreviations auto dictionary automotive acronyms and abbreviations. Click on a letter to see the abbreviations beginning with that letter. Lets pretend that someone hit your car in a parking lot. However, failing to learn car insurance jargon comes at a hefty price. This document is for informational purposes only and is not intended to alter or replace the insurance policy. List of all most popular abbreviated insurance terms defined.
Two such glossaries are of particular use to visitors and customers of insurance canada. Applicant a person who fills out and signs a written application for insurance. Abbreviations are commonly asked in ibps and other banking exams. The insurance covers losses to the insureds property and losses for which the insured is liable as a result of owning or operating an auto. The term property insurance includes many lines of available insurance. You must have a certain amount of liability coverage, such as auto and homeowners, before you can buy an umbrella policy. Auto insurance glossary a supplement to the automobile. Acronyms insurance education insurance information. This page is a quick lookup and reference guide for all those acronyms and abbreviations that youll find around the car industry. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. The following list will, hopefully, be a help to you if you should have to be involved in an insurance discussion. If youre paying on a car loan or a lease, your car may be valued for less than what you owe.
Thank you for choosing to learn more about residential title insurance. Insurance terminology north american training group. Auto insurance glossary of terms if you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone. Looking at an insurance premium booklet can feel like looking at another language with acronyms and jargon that can make it hard to understand. 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. Browse and search thousands of insurance abbreviations and acronyms in our comprehensive reference resource.
For example, your insurance provider might pay 80% of your claim leaving you responsible for paying the remaining 20%. Life insurance glosspinion an opinionated glossary of life insurance. And getting into a car accident is like being dropped in a foreign country. 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. This coverage kicks in if you are sued for an amount that is more than the liability coverage of your auto policy. Progressive insurance company how is progressive insurance company abbreviated. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. Demystifying car insurance policies, types, and terms. Because insurance laws vary throughout the united states and canada or coverages may not be available in some jurisdictions, the information below may not apply to all situations.
The national highway traffic safety administration nhtsa and the insurance institute for highway safety iihs are two organizations that conduct and track vehicle crashtest data and provide vehicle safety ratings that detail the ability of vehicles to withstand various types of collisions. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Studies show that considering a persons credit behavior can help in predicting potential losses more accurately. If buying car insurance feels as challenging as learning a second language, thats because it is. 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. Like most insurers, nationwide uses a creditbased insurance score to predict insurance losses.
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