Introduction
Coverage levels
Vehicle insurance can cover some or all of the following items: The insured party The insured vehicle Third parties (car and people) In some States coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance) Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or accident damage independently.
The Terms for Auto Insurance are listed Below:
01
Underwriting
The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.
02
Additional Insured
An assured party specifically named under an insurance policy.
03
Lapse
The termination or discontinuance of an insurance policy due to non-payment of a premium. Continuance of coverage under a policy beyond its original term by the insurer’s acceptance of the premium for a new policy term.
04
Planning
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05
Rated Policy
Sometimes called an “extra-risk” policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has had a DUI or other traffic violations.
06
Amendment
A formal document changing the provisions of an insurance policy signed jointly by the insurance company officer and the policy holder or his authorized representative.
07
Planning
Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
08
Insurer
The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
09
Choice No-Fault
Allows auto insureds the choice of remaining under the tort system or choosing no-fault at a reduced premium.
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