Term
| Physical Damage Coverages |
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Definition
There are 4 kinds:
- Comprehensive-Pays for loss to covered auto or its equipment from any cause not excluded, except collision or overturn
- Specified Causes of Loss-Provides named peril coverage
- Collision-Covers loss to a covered auto or its equipment by collision with another object or by overturn
- Towing-Provides coverage for towing and labor performed at the place of disablement
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Term
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Definition
| A portion of a covered loss that is not paid by the insurer |
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Term
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Definition
| Coverage extension for substitute transportation costs incurred when a private passenger type auto has been stolen |
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Term
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Definition
| Cost to replace property with new property of like, kind and quality less depreciation |
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Term
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| A method of resolving disputes between insurers and insureds over the amount owed on a covered loss |
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Term
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| A statement of facts about a loss for which the insured is making a claim |
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Definition
| A policy condition providing that if a policy form is broadened at no additional premium, the broadened coverage automatically applies to all existing policies of the same type |
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Definition
| The ending of the contractual relationship between the insured and insurer by cancellation, expiration, or nonrenewal |
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Term
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Definition
| Termination of a policy, by either the insurer or the insured, during the policy term |
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