Glossary
ADDITIONAL INTEREST INSURED
Another person or company who may be liable for an accident involving an insured or an insured vehicle and who has been named as an Additional Interest Insured under the policy.
Another person or company who may be liable for an accident involving an insured or an insured vehicle and who has been named as an Additional Interest Insured under the policy.
AVOIDANCE OF RISK
Taking steps to remove a hazard, engage in an alternative activity, or otherwise end a specific exposure.
Taking steps to remove a hazard, engage in an alternative activity, or otherwise end a specific exposure.
BODILY INJURY LIABILTY
Pays when an insured person is legally liable for bodily injury or death caused by your vehicle or your operation of most non-owned vehicles. This coverage also pays for your legal defense if you are sued.
Pays when an insured person is legally liable for bodily injury or death caused by your vehicle or your operation of most non-owned vehicles. This coverage also pays for your legal defense if you are sued.
CIVIL LIABILITY
Liability to other motorists, pedestrians and property owners that you assume when operating your automobile on a public roadway. - See more at: https://surexdirect.com/auto-insurance-glossary#sthash.yrxevCoX.dpuf
Liability to other motorists, pedestrians and property owners that you assume when operating your automobile on a public roadway. - See more at: https://surexdirect.com/auto-insurance-glossary#sthash.yrxevCoX.dpuf
FAIR MARKET VALUE
The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy.
The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy.
GARAGING LOCATION
The postal code where your vehicle is parked or garaged when not in use. This is usually your primary residence.
The postal code where your vehicle is parked or garaged when not in use. This is usually your primary residence.
LIABILITY, COLLISION and COMPREHENSIVE
These are the three main types of coverage available in an auto insurance policy. Liability pays other people if you've injured them or damaged their property. Collision pays to repair damage to your car caused by collisions. Comprehensive pays you for your losses due to theft and other calamities that are unrelated to collisions – for example, damage from hail, fire, vandalism, floods, etc.
These are the three main types of coverage available in an auto insurance policy. Liability pays other people if you've injured them or damaged their property. Collision pays to repair damage to your car caused by collisions. Comprehensive pays you for your losses due to theft and other calamities that are unrelated to collisions – for example, damage from hail, fire, vandalism, floods, etc.
LIABILITY LIMITS
The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy.
The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy.
OCCASIONAL DRIVER
The person who is not the primary or principal driver of the vehicle.
The person who is not the primary or principal driver of the vehicle.
PERIL
Cause of a possible loss. For example, fire, theft, or hail.
Cause of a possible loss. For example, fire, theft, or hail.
PRINCIPAL DRIVER
The person who drives the insured car most often.
The person who drives the insured car most often.
PROOF OF LOSS
A formal statement made by the insured to the insurance company regarding a loss. The purpose of the proof of loss is to place before the company sufficient information concerning the loss to enable it to determine its liability under the policy.
A formal statement made by the insured to the insurance company regarding a loss. The purpose of the proof of loss is to place before the company sufficient information concerning the loss to enable it to determine its liability under the policy.
SPECIFIED PERILS
An optional coverage designed to provide basic protection for your vehicle for loss or damage resulting from incidents specifically stated in your policy. A few examples of the types of losses insured under named perils coverage include fire, lightning, theft, explosion, earthquake, windstorm and hail.
An optional coverage designed to provide basic protection for your vehicle for loss or damage resulting from incidents specifically stated in your policy. A few examples of the types of losses insured under named perils coverage include fire, lightning, theft, explosion, earthquake, windstorm and hail.
