Insurance Basics: Automobile
Assigned Risk Pool
consists of people who cannot obtain an insurance policy from regular carriers due to poor driving record or other factors
Extended Warranty
extension of the overage period on an item in which the manufacturer guarantees to repair or replace if necessary within a specific time period
Insurance Company
financial institution agreeing to compensate for losses of individuals or businesses resulting from damages, injury, treatment or hardship
Medical Payments Coverage
insurance which applies to the medical expenses of anyone who is injured in policyholder's automobile, no matter who was at fault for the accident
Property Damage Liability
insurance which applies when the policyholder damages the property of another person
Uninsured Motorist Protection
insurance which covers costs if an individual is involved in a car accident with an uninsured driver
Collision Insurance
insurance which covers damage to the policy holder's car when it is involved in an accident
Comprehensive Insurance
insurance which covers physical damage to an individual's car which occurs as a result of a non-collision incident
Bodily Injury Liability
insurance which covers physical injuries to others caused by an automobile accident for which the policyholder was responsible
Automobile Insurance
insurance which reduces the financial impact of an automobile accident
Rating Territory
residential location used to determine the automobile insurance premium
Vehicle Type
year, make and model of a vehicle