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11 Cards in this Set

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Physical Damage Covg.
Insures against loss resulting from damage to or theft of an auto owned or operated by NI. A type of property insurance covg. which includes both collison covg. and other than CL. covg.
Collision
The upset of a covg. Auto or a non-owned auto or its impact with another veh. or object.
Other-Than-Collision Covg.
Covg. for auto physical damage losses that are not caused by CL and that are not specifically excluded by the policy.
Non-Owned Auto
Any private pass. auto, pickup, van, or trailer that is not owned by or made available for the regular use of the NI or any family member. Phys. Damage covg. applies to such a vehicle while it is in the custody of/ or is being operated by the NI or any family member. With respect to physical damage covg, a temp. substitute veh. is also considered a non-owned auto.
Transportation Expenses
Additional covg. reimburses up to $20.00 per day to a maximum of $600.00, for temp. travel expenses for each covered physical damage loss.
Actual Cash Value
Replacement cost of property minus an allowance for depreication and obsolescence.
Diminution in Value
Actual or perceived loss in market or resale value resulting from a direct and accidental loss.
Bailee
Person or buisness that has in its care, custody, or control, property belonding to another.
Appraisal
A provisiosn that describes how the NI and and provider will settle disputes about the amt. of loss. Each party selects a competent appraiser, and the two appraisers select and umpire. A decision by any two of the three is binding. Procedurally this process is similair to arbitration under the un-insured motorists covg.
Subrogation
Insurers right to recover payment from a negligent 3rd party. When an insurer pays an insured for a loss, the insurer takes of the NI's right to collect damages for the other party responsible for the loss. The insurer has the right to subrogate from the party directly responsible for the loss.
Assignment
The transfer of a policy from the NI to another partys, the Providers written consent is necessarry.