Auto Insurance terms starting with S

6 terms

1. Settlement After negotiating, the amount you agree to accept from the insurance company as full payment for your loss.
2. Short rate cancellation Cancellation by the insured of an insurance policy for which the returned unearned premium is diminished by administration costs incurred when the…
3. Stacking of UM or UIM This coverage allows you to either multiply the amount of uninsured or underinsured motorist coverage by the number of vehicles on your policy, or to…
4. Subrogation The process of recovering the amount of claims damages paid out to a policyholder from the legally liable party.
5. Surcharge An extra charge applied to the premium by an insurance company, usually applied as a result of at-fault accidents or moving violations.
6. Surplus lines Coverage from out-of-state companies not licensed in Texas but legally eligible to sell insurance on a "surplus lines" basis.