A globally recognized credit rating organization that analyzes the financial strength and stability of insurance carriers and issues ratings according to their scoring system.
Insurance GlossaryNo items found
A sudden, unintentional, and unanticipated event that typically results in harm, damage, injury, or loss.
Replacement Cost minus depreciation. The cost of a new item with similar characteristics (e.g., make, model, mileage, options, condition, etc.), less depreciation. For personal auto insurance, this generally equals the market value of a vehicle. (See Replacement Cost)
A person (other than the Named Insured) or organization covered by an insurance policy through endorsement. Many times, this can be an auto leasing company, or even an employer of the named insured, such as a real estate brokerage.
An individual that investigates, negotiates, settles, and pays insurance claims on behalf of the insurance company. Also known as a “claim representative.”
A licensed representative of an insurance company that has been granted authority to transact insurance policies on their behalf. Services provided by an agent can include analyzing insurance needs, providing quotes and information, recommending coverages, and providing follow-up service to an insured.
In auto insurance, a written estimate of repairs for vehicle damages, prepared by a body shop, or a “material damage” appraiser representing the insurance company.
Has care, custody, or control of another’s property without having title (the right to sell); possesses another’s property for a limited time for a specific purpose, such as valet parkers, mechanics, car washes, dry cleaners, etc.
To put insurance coverage in force.
A written, temporary contract of insurance.
Grants an insurance agent or agency the authority to effect coverage on an insurer’s behalf.
A third party auto insurance coverage that pays damages for injuries (bodily harm, sickness, disease, pain and suffering, emotional distress, loss of income, death) resulting from an accident for which you are found to be at-fault and legally liable for. In most cases this coverage also provides you with a legal defense.
A licensed transactor of insurance who represents the insured. (See Agent)
A fee that an insurance broker may charge for their services. Broker fees are in addition to / separate from any commissions paid by an insurance carrier. (See Broker)
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The preceding definitions are offered for educational purposes only and do not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.