Vehicle insurance 14

Question 1

1. SALVAGE

Answer 1

Damaged property which is taken over by the insurance company after payment of a claim.

Question 2

2. SELF-INSURED RETENTION

Answer 2

In UMBRELLA INSURANCE, self-insured retention is similar to a deductible in other types of insurance. The self-insured retention is the amount damages for which the policyholder is responsible before the umbrella coverage begins to cove a loss.

Question 3

3. SR-22 CERTIFICATE OF FINANCIAL RESPONSIBILITY

Answer 3

A certificate mandated by the state to verify that an individual is maintaining auto insurance liability coverage. If a person needs an SR-22 (CFR), they will usually be notified by their state’s Motor Vehicle Department

Question 4

4. SUBROGATION

Answer 4

If your car is damaged because of another driver’s negligence and you ask GEICO to settle the claim for damage to your car, we will seek payment recovery (including your deductible) from the other party. This process of PAYMENT RECOVERY is called SUBROGATION

Question 5

5. SUPPLEMENT/SUPPLEMENTAL ESTIMATE

Answer 5

Used to cover damage not included in the original estimate

Question 6

6. THIRD PARTY

Answer 6

Person or entity not party to an agreement but with an interest in the agreement.

Question 7

7. THIRD PARTY CLAIM

Answer 7

Claims for injury or damage to property of a third party, alleged to have been caused by the insured.

Question 8

8. TORT

Answer 8

A private or civil wrong or injury, other than breach of contract, which violates a person’s legally protected rights(s), and for which the law may permit a remedy in the form of money damages.