Insurance Lingo
This page tells who, what, when, where, and how much.
What is Declarations?
It's coverage for your vehicle, should another driver hit your vehicle but does not have insurance
What is Uninsured/Underinsured motorist?
An example of this is when you blow through a stop sign and cause an accident
What is Contributory Negligence?
They are the interested party that financed your vehicle
Who is a lienholder?
Its coverage that does not require a detailed list of all items covered in a policy
What is Blanket Coverage?
The acronym for the nine additional perils under extended coverage
What is WCSHAVVER?
It's the amount listed first in liability coverage
What is Bodily Injury?
Information given that is NOT true and does affect the insurer's policy
What is Material misrepresentation?
The person's name that appears first on the policy.
Who is the First Named Insured?
Choosing NOT to drive a vehicle, so you won't get in an accident, is an example of this
What is avoidance?
It is the transfer of risk
What is Insurance?
The bare minimum coverage required by the state
What is Liability?
It's failure to exercise the care a reasonable person would exercise in like circumstances
What is Negligence?
The person/department that decides if you are too risky to insure
What is an underwriter?
This coverage does have a detailed list of items covered in a policy
What is Specific (Scheduled) Coverage?
As you were! Nothing more, nothing less.
What is indemnity?
It's coverage that will protect you, if your vehicle is stolen or damaged by any other means BESIDES colliding with another vehicle or object
What is Comprehensive coverage?
It's when both parties have contributed to the loss
What is Comparative Negligence?
On the policy, they are the ones who have an interest in your home
What is a Mortgagee?
It's physical, moral, and morale
What are the three types of hazards?
Ice, sleet, and snow (weight of) is listed second in this acronym
What is BIG AFFECT?
The $60,000 amount in the lowest limit of of Liability
($30,000/$60,000/$25,000)
What is Per Accident?
Leaving your wallet on the seat of the unlocked car
What is morale hazard?
They will not benefit from your claim, just because your property was in their possession
Who is a Bailee?
These are the perils that cover all risks UNLESS specifically excluded
What is an open/special Peril?