Auto insurance terms glossary

Net Underwriting Income - Net premiums earned less incurred losses, loss-adjustment expenses, underwriting expenses incurred, and dividends to policyholders.Developed to Net Premiums Earned - The ratio of developed premiums through the year to net premiums earned.The insurance company will only pay up to the dollar value of the limit selected.

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The maximum the insurance company agrees to pay in the case of a loss in accordance with the policy contract (may be subject to restrictions).Risk Class - Risk class, in insurance underwriting, is a grouping of insureds with a similar level of risk.Investment expenses are the expenses related to generating investment income and capital gains but exclude income taxes.

Car Insurance Terms and Glossary - Tech Featured

Capital adequacy ratios are calculated as the net required capital necessary to support components of underwriting, asset, and credit risks in relation to economic surplus.

Auto Insurance Terms - The easiest and fastest way to get your free insurance quote.For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation.

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Life Insurance Terms Glossary - Get a free quote in three minutes.They can be formed as a mutual or stock company, or a reciprocal.They usually involve some combination of point-to-point, annual reset, yield spread, averaging, or high water mark.

Loss-reserve leverage is generally the key component of net liability leverage.Usual, Customary and Reasonable Fees - An amount customarily charged for or covered for similar services and supplies which are medically necessary, recommended by a doctor or required for treatment.A restriction in a policy contract that limits or excludes coverage for certain perils, persons, property or locations.The minimum amount of liability limits that can be carried as determined by state regulation.Unaffiliated Investments - These investments represent total unaffiliated investments as reported in the exhibit of admitted assets.When an insurer declines to continue insurance coverage after the policy expiration date is reached.

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Statutory Reserve - A reserve, either specific or general, required by law.Trying to understand all the terms used in relation to automobiles, particularly automobile insurance, can be a daunting task In many cases, terms relating to your.Aggregate Limit - Usually refers to liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents might occur.

We define and explain every term that you may come across as you shop for car insurance or make a claim.Please upgrade to a newer version for an optimal browsing experience.Car Insurance Terms And Definitions - Get a free, no-obligation quote in about three minutes.Insurance of Glossary Terms Provided by Insurance Brokers Group Abandonment: As used in property insurance, prohibits the insured from abandoning damaged property.For insurers that do provide cover for such activities, it is unlikely they will cover liability and personal accident, which should be provided by the company hosting the activity.In the eyes of an insurance company, it is the type of business (or the quality of driver) that the company has chosen to taken on.

Check out the Glossary for some useful information.For example, the storing of explosives in a home basement is a hazard that increases the probability of an explosion.

Chartered Property and Casualty Underwriter (CPCU) -Professional designation earned after the successful completion of 10 national examinations given by the American Institute for Property and Liability Underwriters.The term also is used to mean a loss requiring the maximum amount a policy will pay.A case manager coordinates health care delivery for patients.

Policy - The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clause, riders, endorsements, and papers attached thereto and made a part thereof.Quick Assets - Assets that are quickly convertible into cash.Current Liquidity (IRIS) - The sum of cash, unaffiliated invested assets and encumbrances on other properties to net liabilities plus ceded reinsurance balances payable, expressed as a percent.

A tort can be either intentional or unintentional, and liability insurance is mainly purchased to cover unintentional torts.Drivers are not a risk for any insurance company that writes auto insurance, and no insurance company would be afraid to take them on as risk.The ratio is computed by dividing underwriting expenses by net premiums written.Coverage Area - The geographic region covered by travel insurance.These entities are formed under the Liability Risk Retention Act of 1986.Benefit Period - In health insurance, the number of days for which benefits are paid to the named insured and his or her dependents.

Auto Loan Basics, Ch. 6: Auto insurance terms and definitions

Voluntary Reserve - An allocation of surplus not required by law.

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