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An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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The value of your property, based on the current cost to replace it minus depreciation.
The market value of your car.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A person who investigates and settles losses for an insurance carrier.
The person who manages the various aspects of the claim and determines what will be paid out in accordance with the policy and the facts.
A person who investigates and settles insurance claims.
- Browse Related Terms: Adjuster, Agency, claim, Claimant, Claims Adjuster, Covered Expenses, Deductible, Insured, Insurer, Limits, Loss, Occurrence, Settlement
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A non-original equipment manufacturer (OEM) replacement part, either new or used, for any of the non-mechanical parts that generally constitute the exterior of the motor vehicle, including inner and outer panels.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
- Browse Related Terms: Adjuster, Agency, claim, Claimant, Claims Adjuster, Covered Expenses, Deductible, Insured, Insurer, Limits, Loss, Occurrence, Settlement
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A representative who sells insurance for one or more companies.
An insurance salesperson. An agent represents the insurance company, not the consumer. A) An independent agent usually represents two or more insurers in a sales and service capacity and is paid on a commission basis. B) An exclusive agent or captive agent represents only one company, usually on a commission basis.
A person who sells insurance policies.
A representative who sells insurance for one or more companies.
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A form you fill out with information about you that an insurance company will use to decide whether to issue you a policy and how much to charge.
A request for insurance, giving information about the prospective policyholder.
A request for insurance, giving information about the prospective policyholder.
The request for insurance, giving information about the prospective policyholder.
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The person who evaluates the damage caused by an accident or other covered loss and determines the amount to be paid under the policy terms.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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A determination made by impartial experts of the value of property or the extent of damage. Arbitration is an alternative to litigation of matters in dispute.
The process in which a third-party arbiter examines facts presented by both you and the insurance company when you disagree about a settlement offer. Arbitration can be binding (the arbiter's decision is final) or non-binding (you can still take the insurer to court if you are unsatisfied).
The process in which a third-party arbiter examines facts presented by both you and the insurance company when you disagree about a settlement offer. Arbitration can be binding or non-binding.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A mechanism for drivers to obtain coverage when insurance companies are unwilling to sell automobile insurance to them.
The North Dakota Automobile Insurance Plan is a state-supervised insurance plan available to persons who are unable to obtain such insurance coverage in the regular market. Individual policies are assigned to carriers based on the percentage of the market they share. The cost of this insurance is higher than the regular market.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.
A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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The rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates. Rate-regulated insurance companies filing rates within a range of 30 percent above or below the benchmarks may use them immediately upon filing without prior approval. A company that wants to set its rates outside this range must receive the Commissioner´s prior approval.
- Browse Related Terms: Benchmark rate(s), Credit score, Non-Bound Application, Proof of loss, Quotation or Quote, Quote, Underwriter, Underwriting, Youthful Driver
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A condition relating to original equipment, or older parts, on your automobile, when having been damaged in an accident may only be replaced with new part(s). The resulting improved condition of the vehicle is known as betterment. Consequently insurers may ask the insured to contribute to the cost of the repair.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered.
A temporary or preliminary agreement, in effect for less than 60 days, that provides coverage until a policy can be written or delivered.
A temporary insurance contract that provides proof of coverage until you receive a permanent policy.
A temporary or preliminary agreement that the insurance for which you applied is in force. This agreement is in effect until the policy is issued and delivered.
A temporary insurance contract that provides proof of coverage until you receive a permanent policy. A binder is subject to payment of a premium.
- Browse Related Terms: Binder, Cancellation, Declarations Page ("Dec Page"), Endorsement, Lapse, Lapsed Policy, Non-renewal, Premium Finance Company, Reinstatement, Rental Reimbursement/Transportation Expenses, Rider, Surcharge
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Physical injury to a person.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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If you injure someone in a car accident, this coverage pays his/her medical and rehabilitation expenses and any damages for which you are found liable. The minimum limit is $15,000/$30,000. The $15,000 pays for injuries to one person while the $30,000 represents the total available for one accident.
- Browse Related Terms: Bodily Injury Liability, Bodily Injury Liability Coverage, Extraordinary Medical Benefits, Funeral Benefit, Income Loss, Liability limits, Limited Tort, Medical Benefits, Medical Payment, Medical payments and personal injury protection (PIP), No-fault insurance, Personal Injury Protection (PIP), Property Damage Liability, Rental reimbursement coverage, Umbrella Liability Insurance
All > Business > Finance > Insurance > Auto Insurance
Pays for another person's bodily injury or death in an accident that you may be found legally liable to pay. Current Utah Code requires a minimum limit of $25,000/$50,000
Pays for another person's bodily injury or death in an accident that you may be found legally liable to pay.
- Browse Related Terms: Bodily Injury Liability, Bodily Injury Liability Coverage, Extraordinary Medical Benefits, Funeral Benefit, Income Loss, Liability limits, Limited Tort, Medical Benefits, Medical Payment, Medical payments and personal injury protection (PIP), No-fault insurance, Personal Injury Protection (PIP), Property Damage Liability, Rental reimbursement coverage, Umbrella Liability Insurance
All > Business > Finance > Insurance > Auto Insurance
A licensed person or organization you can pay to shop for insurance on your behalf.
A licensed person or organization you can pay to shop for insurance on your behalf.
An insurance salesperson who deals with agents and companies to find insurance for consumers. A broker represents the consumer, not the insurance company.
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If you don't pay your premiums, an insurance company can cancel your personal auto policy by giving 10 days written notice. The company is required to give you 30 days written notice if it is canceling your policy for any other reason.
A termination of a policy before its normal expiration date.
Termination of a policy before its normal expiration date.
Termination of an insurance policy by the company or insured before the renewal date.
The termination of a policy at a date other than its annual expiration date.
- Browse Related Terms: Binder, Cancellation, Declarations Page ("Dec Page"), Endorsement, Lapse, Lapsed Policy, Non-renewal, Premium Finance Company, Reinstatement, Rental Reimbursement/Transportation Expenses, Rider, Surcharge
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Your request for the insurance company to pay you an amount under the terms of your policy for a covered peril.
Notice to an insurance company that a loss has occurred which may be covered under the terms and conditions of the policy.
Your request for the insurance company to pay you an amount under the terms of your policy.
A request for reimbursement for damages on an insured loss. Your claims to your company are first-party claims. Claims made by one person against another person's company are known as third-party claims.
- Browse Related Terms: Adjuster, Agency, claim, Claimant, Claims Adjuster, Covered Expenses, Deductible, Insured, Insurer, Limits, Loss, Occurrence, Settlement
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