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Insuring Personal Auto Exposures With Questions And 100% ALL SURE ANSWERS
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JACKLINEInsuring Personal Auto Exposures With Questions And 100% ALL SURE ANSWERS
Terms in this set (57)
Planned acceptance of losses to be financed internally through the use of deductibles on
Active Retention
insurance policies, loss-sensitive insurance plans, and deliberate non- insurance
Add-On No-Fault States Typically tort states where Personal Injury Protection benefits must be offered, but are optional
Amendment of Policy Provisions State-specific modifications to the Personal Auto Policy
A process meant for resolving conflict outside of the court system; typically, an agreement to
Arbitration settle a dispute using one or more neutral parties (arbitrators) to assess the facts and make a
determination
An action filed by a plaintiff to ensure they will be paid from property assets of the defendant if
Attachment
the court rules in their favor
A cost imposed by the court as a guarantee that if the person is released from jail, the person
Bail
promises to appear for their court date
Bail Bond Way for a defendant to pay the jail to get out of jail until their court date; usually (10%) of the bail
The party to whom personal property is delivered and entrusted (without transfer of ownership)
Bailee Insuring Personal Auto Exposures
for a specific purpose
1/5
, Beneficiary The party that receives a trust's assets when the trustor dies
Repairing or replacing damaged parts of the vehicle (or the vehicle itself) with better quality
Betterment materials or which have higher value than like kind or quality; the PAP does not intend to provide
betterment
States which allow the consumer to opt-out, in writing, of Personal Injury Protection coverage
and retain their rights to sue for injuries; the policyholder must carry certain minimum coverage
Choice No Fault States
limits, and they may sue an at-fault party for injuries sustained, regardless of severity; opting-out
means the policyholder could be sued for injuries they are responsible for causing
Payment intended to compensate the injured party(ies) for damages incurred; two categories are:
Compensatory Damages (1) special damages—actual measurable costs and (2) general damages—intangible costs such as
pain and suffering
Coverage Territory The geographical area within which insurance coverage applies
The front page (or pages) of a policy that specifies the named insured, address, policy period,
Declarations location of premises, policy limits, and other key information that varies from insured to insured;
also known as the information page; often informally referred to as the "Dec" or "Dec page"
Policy language which indicates that damages will be reduced by the amount paid by the at‐fault
Damages Offset
driver's insurance
Loss incurred due to direct physical damage to property, as opposed to time element or other
Direct Loss
indirect losses
Financial Responsibility Provision States that the policy will comply with requirements of financial responsibility laws
Coverage purchased by the lienholder of the vehicle to protect the lienholder's interests when a
client fails to maintain coverage for damage to their auto; the lienholder can require the client to
Forced Placed Coverage pay for that coverage as part of their loan repayment; this coverage is generally more expensive
than the coverage the client can purchase, and it only protects the interest of the lender; it does
not provide coverage to the client
Gap Insurance Covers the difference between the ACV of the auto and the loan/lease balance
Economic activity that involves the used of temporary or freelance workers to perform jobs,
Gig Economy
typically in the service sector (Merriam-Webster's Dictionary)
Refers to the maximum weight a vehicle is designed to safely carry according to the vehicle
GVWR (Gross Vehicle Weight Rating) manufacturer and includes the total weight of the vehicle plus passengers, vehicle fluids,
Insuring Personal Auto Exposures
accessories, and cargo
2/5
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