|
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
|
Did You Know?