|
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Premium
The money paid for an insurance policy based upon the coverage provided.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
|
Did You Know?