Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
What is uninsured motorist coverage?
|
• Refers to damages the insured is legally entitled to receive for bodily injury but is unable to collect from:
- People who don’t carry liability coverage - Insolvent insurance companies - Hit & run drivers |
|
|
Comprehensive
|
Comprehensive is coverage for anything other than collision (i.e., theft, fire, glass breakage, etc.)
|
|
|
Collision
|
Collision pays for loss caused by contact with other vehicles or stationary objects
|
|
|
Deductible
|
• Insured’s out-of-pocket expense
• Paid before the insurer pays • Deductible choice affects the rate |
|
|
Passive Alarm System
|
Passive devices are anti theft devices which are activated or automatically engaged when the operator turns the ignition switch of the vehicle to the off position.
|
|
|
Active Alarm System
|
Active devices are anti theft devices or systems requiring a separate manual step to engage or activate the device.
|
|
|
Glass Buyback
|
• Available for an additional charge
• Must carry comprehensive coverage Glass damage is covered and the comprehensive deductible is waived |
|
|
Towing Coverage
|
• Provided as part of comprehensive coverage
• Subject to a limit shown on the declarations page |
|
|
Liability Limit(s)
|
The stipulated sum or sums beyond which an insurance company is not liable to protect the insured.
(The amount of coverage selected to pay out on bodily injuries and/or property damage to others.) |
|
|
Limit(s)
|
The maximum amount of benefits that an insurer agrees to pay in the event of a loss.
(The amount of coverage selected.) |
|
|
COI State
|
A state program to verify that every vehicle that is registered in that state has insurance.
|
|
|
Loss Payee
|
The lien holder or lessor for a vehicle.
(The company you make your car payments to.) |
|
|
What a lienholder needs for proof of insurance
|
Binder (Plien's Form Letter
|
|
|
What a dealer needs for proof of insurance
|
- ID Card
- Binder (Plien or Pless Form Letters) |
|
|
What a lessor needs for proof of insurance
|
Binder (Pless Form Letter)
|
