Key Terms In Motor Insurance
Private motor insurance terms and conditions section iv 1.
Key terms in motor insurance. A any person under the age of 25 years. All in simple english. A plan by which a company gives protection from the cost of injury or loss. The following terms are commonly used in the insurance market and may well appear in your insurance policy arranged by us.
A form of insurance that protects against losses involving cars. Compulsory excess in the event of any claim arising under section i of this policy in respect of an accident occurring whilst the insured vehicle is being driven by. Not only to pick the right motor insurance but also to ensure that you get best benefits from it you need to understand some essential terms related to the policy. Are we missing anything.
Terms in this set 12 insurance. Underwriter the person who decides how much to charge and who manages the account that bears the cost of claims for motor or household insurance or the person who decides premium the amount you pay to an insurance company sometimes in regular installments or as per your agreement with the insurer for your insurance policy. The chance of loss from an event that cannot be entirely controlled. Car insurance provides protection from losses resulting from owning and operating a car or vehicle.
Assigned risk assigned risk means a driver of a motor vehicle or a class of such drivers who would be denied insurance coverage by insurance companies but are required to be covered under u s. Official document some states require to prove you have sufficient car insurance. The term assigned risk is also used in workers compensation law. While things like idv od or comprehensive cover might sound very confusing if you are buying a policy for the first time knowing their meaning is sure to make a world of a difference.
Insured declared value idv one of the most commonly used insurance claim terms insured declared value or idv is the current market value of your vehicle. The insurance company or insurer. The cost of your auto insurance either monthly yearly or per six month period. Use the form to the right to tell us and we ll add the word term.
All are extremely important but on this first page we have tried to explain in plain english what the most important and common terms mean. Here is an insurance glossary or list of travel insurance terms that you need to know when searching for a policy. Idv in motor insurance is an important factor and refers to the highest sum payable by the insurer for a vehicle insurance policy. A specific sum of money paid by the insured to the insurance company in exchange for.
As a useful guide to insurance vocabulary it will help you understand your coverage or benefits plan page. Words or phrases in bold type are defined elsewhere within.
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