AINS 22 A Flashcards
Policy condition providing that if a policy form is broadened at no additional premium, the broadened coverage automatically applies to all existing policies of the same type.
Liberalization Clause
Ending of the contractual relationship between the insured and insurer by cancellation, expiration, or nonrenewal.
Policy termination
Portion of a covered loss that is not paid by the insurer.
Deductible
Pays for loss to covered auto or its equipment from any cause not excluded, except collision or overturn.
Comprehensive
Provides named peril coverage.
Specified causes of loss
Covers loss to a covered auto or its equipment by collision with another object or by overturn.
Collision
Provides coverage for towing and labor performed at the place of disablement.
Towing
Additional coverage in the PAP for substitute transportation costs incurred as the result of a covered physical damage loss.
Transportation expenses
Cost to replace property with new property of like kind and quality less depreciation.
Actual Cash Value (AVC)
Method of resolving disputes between insurers and insureds over the amount owed on a covered loss.
Appraisal.
What do two appraisers select?
An “umpire”
Statement of facts about a loss for which the insured is making a claim.
Proof of Loss
Termination of a policy by either the insurer or the insured, during the policy term
Cancellation
Covers motor homes, motorcycles, and other vehicles with fewer than four wheels that are designed for off public road use.
Miscellaneous Type Vehicle Endorsement
Provides coverage for snowmobiles other than vehicles propelled by airplane-type propellers or fans.
Snowmobile Endorsement
Covers trailers or camper bodies, including related facilities or equipment.
Trailer/Camper Body Coverage (Max Limit of Liability)
Provides liability and medical payments coverage for drivers of vehicles furnished or made available for the regular use of the named insured and/or family members.
Extended Non-Owner Coverage
Provides liability, medical payments, uninsured, and underinsured motorists coverages for drivers who do not own an auto but regularly or occasionally drive another person’s vehicle or a rental vehicle.
Named Non-Owner Coverage
Amends physical damage covered for leased vehicles or vehicles with outstanding loan amounts to include an unpaid amount due on the lease or loan.
Auto Loan/ Lease Coverage
Provides excess liability coverage over Mexican auto insurance for an insured who is involved in an accident or loss in Mexico within twenty-five miles of the United States border on a trip of ten days or less.
Limited Mexico Coverage
Increases the $1,000 limit that applies to electronic equipment installed in the vehicle in locations not intended for that purpose by the auto manufacturer.
Excess Electronic Equipment Coverage
Covers each described vehicle for a stated amount of insurance as indicated in the endorsement schedule that applies to collision and OTC losses.
Coverage for Damage to Your Auto (Max Limit of Liability)
Increases the limit for coverage for Transportation Expenses under Coverage D (physical damage)
Optional Limits Transportation Expenses Coverage
Covers the towing of a disabled covered or non-owned auto, including costs for labor performed at the place of disablement.
Towing and Labor Costs Coverage
Company that uses a mobile application or website to connect riders with drivers and arrange transportation in a personal auto for a fee.
Transportation Network Company (TNC)
Coverage that protects the insured from damages owned because of legal liability to another party. For auto policies, it protects insureds against liability arising out of the ownership or operation of automobiles.
Liability Coverage
Coverage that pays necessary medical expenses incurred within a specified period by a claimant for a covered injury, regardless of whether the insured was at fault.
Medical Payments Coverage
Person, corporation, partnership, or other entity identified as an insured party in an insurance policy’s declarations page.
Named Insured
Time frame, beginning with the inception date, during which insurance coverage applies.
Policy Period
A unique number that is assigned to each vehicle and that identifies certain vehicle characteristics.
Vehicle Identification Number (VIN)
