|
Premium
The money paid for an insurance policy based upon the coverage provided.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Insurer
The insurance company providing the insurance.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
|
Did You Know?