Insurance Terms
Coverages
MI/NJ
Other
Misc
100
Protects you against financial loss if someone is killed or injured by your auto and you are found liable.
What is bodily injury?
100
Pays for the actual cash value of damages to your covered auto
What is collision
100
NJ- Limits what you can sue for under no fault coverage.
What is Limitation on Lawsuit Threshold?
100
Coverage that has territorial restrictions for injuries to named insured, resident relatives & guest passengers.
What is FL PIP?
100
Tool used to determine annual mileage
What is worktool suite?
200
Promise the policy can not be cancelled regardless of accidents or violations.
What is LCA/No Drop promise
200
Pays benefits for the cost of personal injuries resulting from an automobile accident. Coverage applies without regard to who caused the accident.
What is No fault/PIP
200
NJ policy that provides BI, PD & PIP only.
What is NJ Basic Policy?
200
Credit for having multiple policies together.
What is Account credit?
200
An interpretation of credit data to predict frequency of claim filings and potential size of losses.
What is insurance score?
300
A benefit that reduces the Collision deductible by $50 each year
What is disappearing deductible?
300
Pays for the cost of renting a substitute car or trailer 24 hours after your car is disabled in an accident or for other covered reasons except theft.
What is transportation expenses.
300
Annual flat dollar charge for each vehicle afforded to Personal Injury Protection Coverage in MI
What is MCCA (Michigan Catastrophic Claim Association)
300
provided automatic coverage for Windshield on.
What is is FL Windshield Glass Coverage?
300
Inspection to verify condition of vehicle.
What is CARCO?
400
This endorsement pays the difference between the amount paid by an insurer due to a total loss and the balance of the insured's loan/ lease agreement.
What is gap insurance?
400
Provides coverage for injuries to named insured & passengers if the other party caused the accident & does not carry insurance. I.E. hit & run
What is uninsured motorist?
400
Optional endorsement that provided up to $1k in property damage due to an accident in MI.
What is mini tort (property damage buy back)
400
Applies to vehicles with other-than-collision and collision coverage. Pays for temporary housing, travel expense to get home and the cost to return the auto home if the vehicle has been involved in a covered loss and cannot be safely driven.
What is Emergency Expense Coverage?
400
A course the insured can take to reduce the premium.
What is DDC?
500
When insured does not agree with claim outcome & wants another review.
What is Claim Dispute?
500
Provides coverage if your automobile becomes disabled.
What is towing & labor?
500
VA- End is not system supported. It pays up to a maximum of $600 for travel expenses in the event the insured's covered auto has a mechanical or electrical breakdown and the policy deductible does not apply. Some of the expenses covered under this endorsement are lodging, meals and transportation expenses.
What is Trip Interruption Coverage?
500
A life insurance benefit is paid to beneficiaries of passengers who were wearing seat belts.
What is Supplemental Death Benefit?
500
Provides evidence of insurance when an individual is required to certify the insurance company has issued an automobile liability policy to the insured or an operator on the policy. Ex: DUI/VIO
What is What is SR22/Financial Responsibility
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