Vehicle insurance 07 Flashcards
1
Q
- FIRST PARTY
A
Term used to refer to an INSURED.
2
Q
- FIRST PARTY CLAIMS
A
A claim for damage, loss or injury made by an insured.
3
Q
- FORMS
A
TWO TYPES OF FORMS ARE IMPORTANT IN INSURANCE: a. PRE-PRINTED CONTRACTS
b. QUESTIONNAIRE OR COVERAGE SELECTION FORMS
4
Q
- PRE PRINTED CONTRACT
A
It comprises your insurance policy
5
Q
- QUESTIONNARE OR COVERAGE SELECTION FORM
A
What a policy holder is required to fill out.
6
Q
- GAP INSURANCE
A
An auto insurance option that comes into play when your vehicle is stolen or totaled. GAP INSURANCE covers the gap or difference, if any, between your car’s actual cash value and what you will still owe on it. GEICO does not offer gap insurance.
7
Q
- HAZARD
A
Anything that increases the chance of an accident occurring.
8
Q
- INDEMNIFICATION
A
The act of providing compensation for a loss with the intent to restore an individual or entity to the approximate financial position prior to the loss.
