Auto Insurance terms starting with A

11 terms

  1. Actual cash value An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
  2. Actual Cash Value (ACV) The value of your property, based on the current cost to replace it minus depreciation.
  3. Adjuster A person who investigates and settles losses for an insurance carrier.
  4. Aftermarket Crash Part A non-original equipment manufacturer (OEM) replacement part, either new or used, for any of the non-mechanical parts that generally constitute the…
  5. Agency A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
  6. Agent Agent means any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales…
  7. Application Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures…
  8. Appraiser 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.
  9. Arbitration 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.
  10. Assigned Risk Plan The North Dakota Automobile Insurance Plan is a state-supervised insurance plan available to persons who are unable to obtain such insurance coverage in…
  11. Auto Replacement Coverage A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.