Auto Insurance terms starting with I

5 terms

1. Illinois Automobile Insurance Plan (assigned risk plan) A plan for people who can't obtain insurance through the voluntary market.
2. Illinois Insurance Guaranty Fund A fund that pays an insurer’s claims when the company is insolvent. All Illinois-licensed insurance companies belong to the Illinois Guaranty Fund.
3. Income Loss Pays a portion of your wages when injuries sustained in an auto accident keep you from working.
4. Insured The policyholder or person(s) protected in case of a loss/claim.
5. Insurer The insurance company.