Auto Insurance terms starting with C

16 terms

  1. Cancellation Termination of a policy before its normal expiration date.
  2. Claim Your request for the insurance company to pay you an amount under the terms of your policy.
  3. Claimant A person who makes an insurance claim.
  4. Claims Adjuster A person an insurance company hires to settle claims. The adjuster can be a company employee or an independent party under contract with the company.
  5. Collision This benefit pays to repair damage to your car as a result of an accident. Most banks or lenders require you to buy this coverage to receive a car loan.
  6. Collision Coverage Pays for damage to your vehicle when it collides with another vehicle or object or if it overturns.
  7. Commission A portion of the policy premium that is paid to an insurance producer (agent) by the insurance company as compensation for the producer’s work.
  8. Comparative fault A method of attributing fault to each party who contributed to causing an accident.
  9. Comparative Negligence Law An Illinois law that sets forth how negligence for an accident is determined. Under these rules, you can collect from an at-fault driver only if you are…
  10. Comprehensive Coverage Coverage that pays for damage to or the loss of your vehicle from causes other than collision (example: hail, vandalism, flood, fire and theft, etc.
  11. Comprehensive physical damage coverage Optional insurance that pays for damage to your auto caused by things other than collision or rolling the car over such as fire, theft, vandalism, flood…
  12. Conditions Part of an insurance policy that states your obligations and those of your insurance company.
  13. Contract In most cases, the term "contract" refers to an insurance policy. A policy is considered to be a contract between the insurance company and the…
  14. Covered Expenses The losses or conditions that the policy will pay for.
  15. Credit Score A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO® score.
  16. Custom/Non-factory Equipment Coverage Covers customized features such as those found on conversion vans, as well as non-factory items such as compact disc players, cellular phones or CB radios.