Adjuster – Insurance company representative employed to assess loss and decide claim settlement.
Appraisal – Method of determining the amount of loss in a first-party claim.
Arbitration – Coming to agreement on amount of damages with the help of a third party arbitrator.
Binder – Confirmation of cover prepared by the insurer or agent before the policy documents are prepared.
Citations for driving uninsured – It is a legal requirement to buy insurance if you want to drive in Indiana. If you get caught driving without insurance, police officers would issue you a citation. If you cannot show proof of insurance covering the time you are caught you receive a minimum fine of $500 and $100 fee to reinstate vehicle registration.
Collision coverage – Damages related to car crashes paid by this cover if it is included in your policy.
Comprehensive coverage – Pays for vehicle related damages caused by theft, vandalism, hail, fire, or falling objects. Increasing deductibles may lower automobile insurance premium in case of both collision and comprehensive covers.
Coverage – Protection offered by your auto insurance policy.
Coverage limits – Maximum amount an insurance company will pay for any a claim.
Declarations – This page is where you’ll find your and your vehicle’s details as well as limits and deductibles on covers, beginning and end dates of the coverage, policy identification number, and a list of endorsements on it.
Deductible – Amount policyholder is expected to pay out of pocket before the auto insurer starts paying.
Endorsement – Changes made on a standard policy to meet policyholders needs better.
Exclusion – Special conditions that exclude certain covers in certain cases or at all times.
First-party coverage – Protection provided to the policyholder directly.
Full cover auto insurance – A policy that includes bodily injury and property damages liabilities, comprehensive and collision coverage and uninsured/underinsured motorist.
High-risk driver – Any driver with tickets, convictions or accidents for driving under the influence (DUI) is considered as a high-risk. Teenage and new drivers are also included in this class.
Auto insurance proof – A card provided by your carrier to show you have car insurance. You need to show this card on request to any policy officer.
Liability car insurance – A policy that includes bodily injury, property damage, and uninsured/underinsured motorist (in some states) coverage.
Medical payments – This coverage pays for your and your family members’ traffic related injuries.
Minimum limits – Lowest auto insurance liability coverage required by your state.
Motor vehicle record (MVR) – Document confirming motorists’ license status, convictions, and accidents.
Nonstandard insurers – Nonstandard insurance companies insure motorists with bad driving records.
Physical damage coverage – Collision & comprehensive covers bought to protect vehicles for accidents and total losses.
Policyholder – A motor vehicle owner who also owns the policy. Most states require the owner and policyholder to be the same person.
Premium – Price of automobile insurance for agreed coverage during a set period.
Proof of loss – Documents provided to show that the loss claimed did happen.
SR22 filing – Indiana requires SR22 Financial Responsibility Insurance before drivers’ licenses or vehicle plates can be reinstated following a suspension or revocation due to serious violation of Indiana Motor Vehicle Law like driving under the influence.
Subrogation clause – This is a condition giving car insurance companies the right to seek damages from a third party who was at fault in the accident that caused the losses suffered by their policyholders.
Territory – Location where auto is kept overnight.
Total loss – This is the position where fixing an auto would be more than it’s worth.
Uninsured/Underinsured motorist coverage (UM) – Pays injury-related and auto damages when an uninsured motorist triggers a collision.
Underwriter – A person who decides on risks or insurers that takes on the risk.
Voided policy – Cancellation of a policy from inception date due to recently discovered facts or violation of insurance terms.