Surcharge an increase in your auto insurance premium due to an atfault accident or a moving violation. This car repair term abbreviation table has been created by ase certified mechanics to help you understand the acronyms of the automotive industry. Although still used today to insure substandard risks, twowheel motorized vehicles, and commercial autos, the basic auto policy has been primarily replaced by the personal auto policy, which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle. Aug 12, 20 for this weeks post, we thought it would be helpful to list and explain some of the most common insurance terms and abbreviations. Auto insurance provides protection from losses resulting from owning and operating an auto. All auto insurance providers have their own definition of who. But, you need to at least understand the basic auto insurance. Your american family agent is the perfect person to ask. Auto insurance premiums are quoted for either 6 month or annual policy periods.
Rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. These are some insurance company name abbreviations used on this web site. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. You can also download our insurance glossary to share with colleagues or. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance quotes from wellrespected companies. The termination of a home or auto insurance policy during the policy term. This list contains the most common abbreviations used in the oed. Increase your knowledge and better understand your coverages by browsing our glossary of auto insurance terms. Insureu online insurance 101 for teen driversopens in a new window. The term property insurance includes many lines of available insurance. Car insurance coverage that is available to those who do not own vehicles but may rent or borrow anothers car often. Auto liability coverage that protects against financial loss because of legal liability for motor vehicle related injuries bodily injury and medical payments or.
A slang term used to refer to something favorable that has happened in business. A discount toward auto insurance premiums for young drivers that is available in some states. Studies show that considering a persons credit behavior can help in predicting potential losses more accurately. Search for the meaning of over 20,000 expressions for automobiles, bicycles, motorcycles, engines, and boats. This is a policy that floats above your other coverage. If you need the meaning of a particular phrase, choose the letter which begins the expression, e. The value of a car after it has been in an accident and repaired. Looking for online definition of car or what car stands for. Abbreviations auto dictionary automotive acronyms and abbreviations. Applicant a person who fills out and signs a written application for insurance. Auto insurance glossary a supplement to the automobile. You must have a certain amount of liability coverage, such as auto and homeowners, before you can buy an umbrella policy.
Acronyms insurance education insurance information. Browse our insurance glossary for the knowledge to fully understand your coverage. The following list will, hopefully, be a help to you if you should have to be involved in an insurance. No one ever expects to be involved in a collision, but youll be glad that you have auto insurance coverage to help you recover losses when you find yourself in a car. State farm insurance company acronyms and abbreviations.
Collision insurance covers damage to your car caused by an accident. Thank you for choosing to learn more about residential title insurance. This pays medical expenses of the policyholder and any passengers injured while in the insured auto. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Because insurance laws vary throughout the united states and canada or coverages may not be available in some jurisdictions, the information below may not apply to all situations. No state requires collision insurance, but an auto loan lender or a car. So, if your car is totaled in an accident, gap insurance helps you pay off your loan or lease, minus the deductible. When state law requires that auto ownersoperators have auto insurance.
Auto insurance terms glossary american family insurance. Auto insurance premium the price an insurance company. If you take a defensive driving course, you may be able to get a discount on your auto insurance. Car insurance jargon is like a foreign language, often to the point where shopping for a new provider can feel similar to a high school spanish class. For example, your insurance provider might pay 80% of your claim leaving you responsible for paying the remaining 20%. Demystifying car insurance policies, types, and terms state. Mar 19, 2020 rather than talking to us in a normal, human language, insurance companies seem to derive joy from speaking in a strange language of acronyms. Browse the list of 7 574 insurance acronyms and abbreviations with their meanings and definitions. Damage appraisals may be completed by an insurance adjuster or vehicle repair specialist.
This language, if it can be called a language, can be confusing. Many insurance agents work directly for one specific insurance. Auto insurance glossary of terms if you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone. The payment required for an insurance policy to remain in force. Two such glossaries are of particular use to visitors and customers of insurance canada. Auto insurance glossary the following are some general terms that may be helpful to you in reading and understanding your automobile insurance policy.
Property damage liability coverage part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone elses personal property. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in the mid1970s. Lets pretend that someone hit your car in a parking lot. Requirements regarding auto insurance vary state by state, but the following definitions can be helpful for understanding the basics when shopping for auto insurance. Choose from 500 different sets of insurance terms and abbreviations flashcards on quizlet. Each sector of the insurance business has its own set of acronyms to cover situations, organizations and items related to that area. Insurance glossary niba national insurance brokers association. Insurance glossary understanding common insurance terms. Insurance terms used in the area of residential title insurance. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries sustained in an auto accident. Your auto insurance terms glossary your aaa network. Common insurance acronyms guidebook us insurance agents. List of all of the auto insurance dictionary terms on insuranceopedia. But, you need to at least understand the basic auto insurance terms because they spell out what you are and arent covered for in your policy.
The insurance premium is the amount you pay for your insurance, normally on an annual basis or by instalments. The national highway traffic safety administration nhtsa and the insurance institute for highway safety iihs are two organizations that conduct and track vehicle crashtest data and provide vehicle safety ratings that detail the ability of vehicles to withstand various types of collisions. Like most insurers, nationwide uses a creditbased insurance score to predict insurance losses. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Insurance acronyms and abbreviations all acronyms dictionary. It can also help you compare car insurance quotes accurately as youre shopping for car. Auto insurance glossary a supplement to the automobile insurance guide the auto insurance glossary, a supplement to the automobile insurance guide, is brought to you by the pennsylvania insurance department. List of all most popular abbreviated insurance terms defined. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. If there any that you have come across that you dont see here, please let us know and wed be happy to define them for you. Our auto insurance terms glossary will help you get the best coverage available. Auto insurance premium the price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses.
Insurance definitions, dictionary, glossary and terms. A l b l c l d l e l f l g l h l i l j l k l l l m l n l o l p l q l r l s l t l u l v l w l x l y l z. Looking at an insurance premium booklet can feel like looking at another language with acronyms and jargon that can make it hard to understand. Glossary of common auto insurance terms helpinsure. These can be used in specifications, sales brochures, warning lights anywhere. Learn insurance terms and abbreviations with free interactive flashcards. Car insurance glossary complete list of car insurance terms. For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. Browse and search thousands of insurance abbreviations and acronyms in our comprehensive reference resource. Below youll find definitions of some of the most common terms used when dealing with auto insurance. For more information and additional resources, log onto. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Here youll find definitions and explanations of vehicle insurance terms. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance.
With nofault auto insurance, in some states the dollar threshold stops an individual from suing for recovery from pain and suffering until they have reached a certain dollar threshold on their medical expenses. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Life insurance glosspinion an opinionated glossary of life insurance. This coverage kicks in if you are sued for an amount that is more than the liability coverage of your auto policy. The damage can be caused by another vehicle, or by hitting a fence or a tree or even rolling over without hitting anything. Car insurance glossary complete list of car insurance.
Key terms for understanding car insurance nerdwallet. Uninsured motorists coverage, for costs resulting from an accident involving a hitandrun driver or a driver who does not have insurance. The insurance covers losses to the insureds property and losses for which the insured is liable as a result of owning or operating an auto. Insurance terminology north american training group. Understanding your auto insurance doesnt have to be difficult. No one ever expects to be involved in a collision, but youll be glad that you have auto insurance coverage to help you recover losses when you find yourself in a car accident. Dont be intimidated by specialized insurance language. A smartphone app is a mobile software application that you can download and. This document is for informational purposes only and is not intended to alter or replace the insurance policy. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Know these 5 car insurance terms car insurance glossary. Auto insurance terms it only takes a second for a tennessee auto accident to happen, but the effects from the collision can last a lifetime.
Irmi update provides thoughtprovoking industry commentary every other week, including links to articles from industry experts. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. This type of coverage provides the beneficiary of the individual insured with a death benefit in the case of the insured individuals loss of life due to injuries sustained in an auto. Collision coverage pays for damage to a car without regard to who caused an accident. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Car is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms the free dictionary. The vin contains the vehicles serial number, as well as abbreviations for the. An insurance company can only cancel an insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides. Click on a letter to see the abbreviations beginning with that letter. If youre paying on a car loan or a lease, your car may be valued for less than what you owe. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance. If there any that you have come across that you dont see. A policyholders request for reimbursement from an insurance company for a loss of property. Bi pays for injuries to other people when the insured vehicles driver is legally at fault.
You might choose this if your vehicle is fairly new, has. If buying car insurance feels as challenging as learning a second language, thats because it is. A glossary of auto insurance terms can really help you understand your policy as you deal with a claim. However, failing to learn car insurance jargon comes at a hefty price. For example, if a third party damages your car, but has no insurance, your own insurance will pay you for the loss, if you have collision coverage, and the company will then attempt to collect that money from the uninsured driver. This coverage also pays the medical expenses of the.
There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Credit based insurance score a number representing the likelihood of loss, assigned to insurance applicants, based on credit history. For this weeks post, we thought it would be helpful to list and explain some of the most common insurance terms and abbreviations. Demystifying car insurance policies, types, and terms. An analysis of how vehicles stand up under various types of crash testing. In an automobile policy, anyone who drives the car with the owners consent is an additional insured. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. State farm insurance how is state farm insurance abbreviated. Progressive insurance company how is progressive insurance company abbreviated. The following list will, hopefully, be a help to you if you should have to be involved in an insurance discussion. Consumer glossary national association of insurance.
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