Term
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Definition
| A Temporary insurance cotract that provides proof of inurance until a permanent policy can be issued |
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Term
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Definition
| To Bind means to complete the transaction and create a new policy |
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Term
Personal Property Damage/Liability Insurance
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Definition
| This insurance pays for damage YOU may cause to someone elses Car or Property |
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Term
| Ununsured Motorist Coverage |
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Definition
| Covers injuries to YOU caused by a driver without AI. Most states require drivers to carry UM coverage although it is NOT a requirement in Florida |
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Term
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Definition
| This covers damage to get YOUR care repaired after a collison with another vehicle or an object (pole/fire hydrant)
Your insuranc company will seek out another drivers ins company to pay for repairs IF THEY were at fault.
A deductible will apply
You chose your deductible when you get AI |
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Term
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Definition
Covers damage to YOUR vehicle caused by something OTHER THAN another vehicle...
a tree falls on your car
a theft occurs
flood waters
A deductible will apply |
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Term
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Definition
| The front page of your policy
Listing:
your Ins Co
your policy number
your coverage
the cost of the coverage
your deductibles
Vin #'s of Vehicle on the policy |
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Term
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Definition
| The amount of money YOU pay before an Ins Co steps in and pays the rest.
Deductible range from $100-$1000
The higher your deuctible, the lower your premium or cost<
You will pay this deductible to the repair shop before the ins co kicks in after a accident, theft, or anaother covered incident should occur
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Term
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Definition
A reduction in the cost of your AI premium
Ins Co's offer discounts to a teenagers good graes to a car's saftey equipment, (airbags, ALB, Sec systems) |
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Term
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Definition
Covers Towing
A rectipt must be sent to the IC to get reimbursed. |
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Term
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Definition
| A provison in an AI Policy that denies coverage for certain loses, locations, people and properties |
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Term
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Definition
A type if insurance offered to leased or loan customers that owe more on a car than it worth. GI pays the difference between what you owe the loan company after an accident of total loss and the Actual Cash Value of the vehicle in the event the car is stolen, or destroyed. |
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Term
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Definition
| If you have had accidents or tickets on your driving record, many IC's will clasify you as a High Risk Driver and charge you more for insurance |
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Term
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Definition
Covers the injuries YOU cause to other drivers and their vehicles when YOU are at fault.
If you are taken to court, Liability Insurance will apply to your LEGAL COSTS.
Most states REQUIRE drivers carry Lia Ins |
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Term
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Definition
| The Maximum your insurance company will pay for a loss designated by the insurance company |
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Term
| Medical Payments Coverage |
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Definition
The part of a policy that pays medical expenses and lost wages to you and lost wages to you and any passengers in your car after an accident.
Also known as PIP
Personal Injury Protection
Required in Florida |
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Term
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Definition
The amount charged for an Insurance Policy
Its based on the type, amount and coverage you chose
Your martial status, age, driving record, credit records, the type of car you drive and whether or not you live in a suburban or rural area. |
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Term
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Definition
| This pays for the cost of a similar -size3d rental care when your car is in a repair shop for covered damage |
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Term
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Definition
| A charge added to your policy premuim aftera traffic violation or accident in which you are at fault |
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