Vehicle insurance 13

Question 1

1. RATING PLAN

Answer 1

The rules that determine the cost of your insurance premium. These rules modify the base rates by applying discounts and surcharges based on your personal characteristics. For example, using your seat belt, insuring more than one car….

Question 2

2. REINSPECTION

Answer 2

A review of an estimate or appraisal done by an adjuster during or after repairs to a vehicle. This is done to guarantee the accuracy of staff or independent auto damage personnel, and to guarantee the work required in an estimate is being completed by the body shop

Question 3

3. RELEASE

Answer 3

Legally binding contract stating that all obligations past, present or future riding from a particular accident or occurrence have been fulfilled.

Question 4

4. RENEWAL DATE

Answer 4

The date that your insurance policy expires and the date the the renewed policy will begin.

Question 5

5. RENTAL REINBURSEMENT

Answer 5

Optional coverage that helps pay rental vehicle costs when your insured vehicle is disabled as a result of a covered accident or loss. Available to most policyholders at an additional premium.

Question 6

6. RENTERS INSURANCE

Answer 6

Property insurance providing coverage to an individual living in an apartment, condominium or single family home owned by someone else.

Question 7

7. RIDER

Answer 7

In motorcycle insurance, a rider is someone who will operate the insured motorcycle. In LIFE AND HEALTH insurance, the term is often used to refer to an endorsement to an insurance policy.

Question 8

8. RISK

Answer 8

The chance of suffering a loss.