Actual Cash Value This is the
amount that it will take to replace the car. It takes into
consideration depreciation that has occurred since the
purchase.
Benefit This is how much is paid
to the beneficiary when an insurance claim is filed.
Bodily Injury Liability This is
the amount of coverage that will be applied when the person with the
policy hurts another person.
Claim This is what it is called
when you ask the insurance company to pay for damage or injuries
caused.
Collision When you car hits
something this is the kind of insurance that will cover the cost of
repairs or replacement.
Comprehensive If your car does
not hit another object but instead is damaged by fire, theft,
falling objects, natural disasters etc. then this is the insurance
that will cover the cost of repairs.
Deductible This is a portion of
the repair costs that you will pay. The higher your deductible is
the lower your premiums and visa versa.
Endorsements This is what it is
called with you change the terms of your car insurance
policy.
Exclusions Each policy has these,
they are a list of the things that will not be paid for by your
insurance agency.
Extraordinary Medical Coverage
Once your standard medical coverage limits have been met, this
kind of insurance can pay for your medical care and
treatment.
Full Coverage This has nothing to
do with whether or not you have the amount of insurance you should
have, only whether you are meeting state requirements.
Income Loss Coverage If you
cannot work due to an accident and the injuries you suffered then
you may be able to get some money to help you pay the
bills.
Indemnity The predetermined sum
that pays for a covered loss.
Limits This is the most your
insurance company will pay you for any damage or accident
claims.
No-Fault Insurance This allows
you to get the money that you need to fix or replace your car
without having to have someone take the blame for the
accident.
Uninsured If you get injured by a
driver that has no insurance uninsured motorist coverage will help
you to get the money that you deserve.
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