Glossary Terms

Read through our list of glossary terms to break down key phrases and clarify industry terminology.

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A

Accident Accident-Only Policies Actual Cash Value Actuarial Report Actuary Additional Interest Insured Adjuster Administrative Expense Charge Advance Premiums Agent Aggregate Anti-Theft Device Application Appraisal Assigned Risk Plan Attach Automobile Liability Insurance

B

Binder Bodily Injury Bodily Injury Liability Coverage

C

Cancellation Claim Claimant Collision Coverage Combined Single Limit Comprehensive Coverage (for physical damage other than collision) Continuously Insured Contract

D

Declarations Page Deductible Dollar Threshold Driver Education Credit Driver Improvement Course Driver Status

E

Effective Date Endorsement Exclusions Extended Coverage

F

Fair Market Value Financial Responsibility Law Free Look Period Full Coverage

G

Gap Insurance Garaging Location Grace Period

I

Indemnity Independent Agent

L

Lapse Liability Coverage Liability Limits Loan/Lease Payoff Coverage Loss Loss History

M

McCarran-Ferguson Medical Payments and Personal Injury Protection (PIP) Medical Payments Coverage

N

Named Driver Exclusion Named Driver Policy Named Insured No-Fault Insurance Non-Economic Benefits Non-Owners Policy Non-Renewal

O

Occasional Driver

P

Payee Personal Injury Protection (PIP) Policy Period Premium Primary Residence Primary Use Principal Driver Property Damage Liability Coverage Proximate Cause

R

Rate Refund Reinstatement Renewal Rental Reimbursement Coverage Replacement Cost Rescission Rider Roadside Assistance Coverage Rule of 78 Rule of Anticipation

S

Salvage Titles Second Named Insured Split Limit SR-22 Surcharge

T

Third Party Threshold Tort Towing and Labor Coverage

U

Underinsured Motorist Coverage (UIM) Underwriter Underwriting Uninsured and Underinsured Motorist Coverage Uninsured Motorist Coverage (UM) Uninsured/Underinsured Motorist Property Damage Coverage

V

Vehicle Identification Number (VIN) Verbal (or Descriptive) Threshold

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