Key Terms In Motor Insurance
All in simple english.
Key terms in motor insurance. Official document some states require to prove you have sufficient car insurance. Are we missing anything. Use the form to the right to tell us and we ll add the word term. 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.
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. Or or assigned risk clause a method of providing insurance required by state insurance codes for those. A form of insurance that protects against losses involving cars. Car insurance provides protection from losses resulting from owning and operating a car or vehicle.
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. Terms in this set 12 insurance. As a useful guide to insurance vocabulary it will help you understand your coverage or benefits plan page.
Private motor insurance terms and conditions section iv 1. Here is an insurance glossary or list of travel insurance terms that you need to know when searching for a policy. 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. These are our words and interpretation of what they actually mean.
The insurance company or insurer. A specific sum of money paid by the insured to the insurance company in exchange for. The cost of your auto insurance either monthly yearly or per six month period. The insurance covers losses to the insured s property and losses for which the insured is liable as a result of owning or operating a car.
Words or phrases in bold type are defined elsewhere within. Idv in motor insurance is an important factor and refers to the highest sum payable by the insurer for a vehicle insurance policy. The term assigned risk is also used in workers compensation law. A any person under the age of 25 years.
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. 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.
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