| Accident |
An incident at a specific time and place in which a loss occurs. |
| Act of God |
A sudden and violent act of nature which could not have been
foreseen or prevented. Examples: flood, earthquake |
| Auto Insurance |
An insurance policy that protects a car owner against car-related
loss. The car owner pays premiums to the insurance company, which in exchange
agrees to pay a specified portion of car-related losses during the term of the
policy. There are a number of types of car insurance coverages, including
liability, collision, and comprehensive. |
| Beneficiary |
The person or persons designated by the insured to receive the
proceeds of an insurance policy upon the death of the insured. |
| Claim |
A request to an insurance company to pay for a loss. After a claim
is requested or filed an evaluation process will begin to determine if the loss
is the responsibility of the requested company. |
| Deductible |
This is the amount that must be paid by the insured before the
insurance company begins to reimburse for covered expenses. |
| Depreciation |
Depreciation is the decline in an object's value due to age, wear
and tear, or obsolescence. |
| Hybrid Electric Vehicles (HEV) |
Hybrid Electric Vehicles are powered by a combination of battery
and fuel. By using less gas, HEVs emit fewer pollutants and receive better gas
mileage than standard vehicles. |
| Policy |
The written contract of insurance. |
| Premium |
The amount you pay to purchase insurance policy. |
| Reinsurance |
The very fundamental principle of spreading of the risk is
actually practiced by the insurance companies by reinsuring the risks that they
have insured. This is done to protect company from the heavy losses in case of
big tragedy. This is generally considered for high value items for example
satellites, ships etc. |
| Renewal |
Continuance of
coverage beyond original terms signified by acceptance of a premium
payment for a new term.
|
| Spot |
Actions taken by the person
appointed by the insurer on the site/scene of the
accident.
|
| Surveyor |
A
person who assesses the claim and give the survey report to insurance
company. Surveyor or an assessor will usually be appointed by an insurer
to examine a claim.
|
| Third Party Insurance |
Protection of the insured against liability for damage to or
destruction of the bodies or property of others. |
| Underwriter |
(1) A company that
receives the premiums and accepts responsibility for the fulfillment of
the policy contract(2) The company employee who decides whether or not the
company should assume a particular risk (3) The agent who sells the policy
|
| Underwriting |
Examining, accepting, or rejecting insurance risks and classifying
the ones that are accepted, in order to charge appropriate premiums for them. |
| Vehicle Identification Number (VIN) |
The VIN, short for Vehicle Identification Number, is the unique
17-digit number found on every car. The VIN contains the vehicle's serial
number, as well as abbreviations for the make, model, and year.
The VIN appears on your vehicle registration card. It's also engraved in your
car, near the base of the windshield on the driver's side dashboard and/or on
the edge of the driver's side door.
Though you don't need to enter your VIN when you get a car insurance quote from
Esurance, you will need to provide your car's VIN when you buy your auto
insurance policy. |
