Posted: 28 Mar 2012 11:31 AM PDT

If you have a credit card or have rented a car in the past, you have probably heard that in many circumstances your credit card issuer will pick up the tab for your rental car insurance. As these types of auto insurance policies are charged by the day and are typically pretty expensive, you can [...]

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Do Credit Cards Cover Rental Car Insurance?

4insure

How High Should My Auto Insurance Limits Be?

Posted: 22 Mar 2012 06:42 AM PDT

Knowing how to Set the Limits on your Auto Insurance Policy If you've had to purchase auto insurance in the past, you know that there are a number of decisions that need to be made to ensure you're getting the best possible deal. Whether it's choosing your deductible, add-on insurance packages, different premiums and figuring [...]

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How High Should My Auto Insurance Limits Be?

4insure

Does Auto Insurance Cover Damage from Fires?

Posted: 19 Mar 2012 09:50 AM PDT

Dealing with the financial and emotional effects of a fire – whether accidental, intentional or the result of some natural disaster – can put you through some pretty challenging times. As your car is generally one of the most expensive pieces of property that you own it's critical to ensure that it is adequately protected [...]

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Does Auto Insurance Cover Damage from Fires?

4insure

The Fine Print on an Auto Insurance Policy

Posted: 18 Mar 2012 08:56 AM PDT

As with most professional or financial services, the final step in purchasing auto insurance is placing your signature on the contract. It’s important to ensure that you both read and understand all of the details that can be found in the contract paperwork, including the miles of text that we have all come to know [...]

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The Fine Print on an Auto Insurance Policy

4insure

Waiver of Premium
Waiting Period
VIN (Vehicle Identification Number)
Policy Valuation
Uninsured Motorist Coverage
Unearned Premium

Waiver of Premium

Posted: 17 Mar 2012 07:07 AM PDT

Waiver of premium is a clause that is commonly found in health and life insurance policies, and it is where in the event that you become disabled or ill (usually for a period in excess of 6 months) your insurance company agrees to pick up the premiums on your policy until such a point as [...]

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Waiver of Premium

Waiting Period

Posted: 17 Mar 2012 07:06 AM PDT

The waiting period of a US insurance policy is normally the time for which an insurer will not make payment on a claim. This normally applies to health insurance policies where the insured party may have to pay for their own care for a period of days prior to being eligible to make a claim [...]

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Waiting Period

VIN (Vehicle Identification Number)

Posted: 17 Mar 2012 07:05 AM PDT

A VIN number is a Vehicle Identification Number and it's a unique serial number assigned to individual vehicles to enable their identification particularly in the case of loss or theft, but also for legal purposes when insuring a vehicle or importing/exporting a car. The vehicle identification number was originally used in 1954 but until 1981 [...]

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VIN (Vehicle Identification Number)

Policy Valuation

Posted: 17 Mar 2012 07:04 AM PDT

Simply put the policy valuation of an insurance policy is a representation of the policy's current value, this is particularly significant in terms of life insurance policies. There is a growing market for "Second hand" life insurance policies – that is people are willing to buy out life insurances policies from individuals in need of [...]

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Policy Valuation

Uninsured Motorist Coverage

Posted: 17 Mar 2012 07:03 AM PDT

When you take out your auto insurance policy you'll almost certainly find that your policy covers you for Uninsured Motorist Coverage. That means your insurer will protect you in the event that you have an accident that is caused by an uninsured party. This coverage is vital because it is highly likely that if a [...]

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Uninsured Motorist Coverage

Unearned Premium

Posted: 17 Mar 2012 07:02 AM PDT

When you take out an insurance policy in the United States or elsewhere you may elect to or be required to pay premiums for the whole of a coverage period or extended part of the coverage period of your policy. Insurance companies do not consider this money to be "earned" in terms of being able [...]

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Unearned Premium

4insure

Insurance Underwriter
Underwriting (Insurance)
Underinsured Motorist Coverage

Insurance Underwriter

Posted: 16 Mar 2012 11:03 AM PDT

The purpose of an insurance policy is to protect you against the risk of a given set of eventualities. For example when you take out an auto insurance policy you'll be looking to protect yourself against liability, collision damage, etc. So the risk for the insurance company is that if your car does get damaged [...]

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Insurance Underwriter

Underwriting (Insurance)

Posted: 16 Mar 2012 11:02 AM PDT

In simple terms, underwriting is the process by which an insurer decides to accept a risk and issue an insurance policy or to reject that risk and decline to offer coverage. It's an important task for insurers to manage their approach to risk carefully – if they take on too much risk for too little [...]

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Underwriting (Insurance)

Underinsured Motorist Coverage

Posted: 16 Mar 2012 11:00 AM PDT

If you have a look at your auto insurance policy, you'll almost certainly find a clause relating to "under insured motorist" coverage. This is a kind of coverage that comes as standard in most auto insurance policies, because it comes at very nominal fee. The purpose of the underinsured motorist coverage is to ensure that [...]

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Underinsured Motorist Coverage

4insure

How Biking Instead Of Driving Can Help You Save On Auto Insurance
Umbrella Policy
Towing Coverage
Total Loss

How Biking Instead Of Driving Can Help You Save On Auto Insurance

Posted: 15 Mar 2012 12:14 PM PDT

As America grows more and more environmentally conscience, an increasing number of people in the country have decided to hit the road in their bicycles instead of their automobiles. There are a number of reasons why people choose to leave their car keys at home and strap on their bicycle helmets. The leading factors which [...]

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How Biking Instead Of Driving Can Help You Save On Auto Insurance

Umbrella Policy

Posted: 15 Mar 2012 07:13 AM PDT

Umbrella insurance is a kind of liability insurance policy that covers both the assets of the insured party and the future income of parties on the primary policies. It is not the same as excess insurance, which typically only applies when all the policies that it covers have been exhausted, umbrella insurance "drops down" to [...]

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Umbrella Policy

Towing Coverage

Posted: 15 Mar 2012 07:10 AM PDT

If you've ever found yourself alone in the car in the middle of nowhere, and you've thought about just how scary it would be if your vehicle broke down and stranded you there – then you'll understand why towing coverage is such an important part of a US auto insurance policy. Even if you're only [...]

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Towing Coverage

Total Loss

Posted: 15 Mar 2012 07:07 AM PDT

A total loss in auto insurance is a phrase that is applied to the case when an insured vehicle is so badly damaged that it cannot be repaired economically under the terms of the policy. That doesn't necessarily mean that the vehicle is a complete write off, it just means that the policy's coverage for [...]

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Total Loss

4insure

Tort (Insurance)
Stop Loss (Insurance)
Subrogation

Tort (Insurance)

Posted: 14 Mar 2012 09:23 AM PDT

Tort law as applied to US auto insurance covers the harm that one party visits on another either by intention or by accident, for which legal damages may be sought. Intentional Tort In US auto insurance this will always involve a situation in which the defendant of the lawsuit's actions were subject to substantial certainty [...]

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Tort (Insurance)

Stop Loss (Insurance)

Posted: 14 Mar 2012 09:21 AM PDT

The stop loss as defined in insurance policies is the point at which an insurance company has paid out the full value of the policy and no further claims can be applied against this insurance policy. It is important to note that in the case of most insurance policies where premiums are paid monthly but [...]

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Stop Loss (Insurance)

Subrogation

Posted: 14 Mar 2012 09:20 AM PDT

Subrogation is the principle that allows an insurer to recover the expenses that it has paid out on a claim from a 3rd party. It enables the insurer to take over the legal obligation of the injured party and pursue the right to legal remedy on their behalf. This requires an agreement between the insured [...]

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Subrogation

4insure

State of Domicile
Standard Auto (Insurance)
Solvency (Insurance)

State of Domicile

Posted: 13 Mar 2012 01:19 PM PDT

The state of domicile is defined as the specific state under which an insurer is licensed (and chartered) to operate under that state's individual statutes and regulations that apply to insurance companies. An insurance company is only allowed to conduct business for which it has been certified by the state of domicile. All states have [...]

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State of Domicile

Standard Auto (Insurance)

Posted: 13 Mar 2012 01:17 PM PDT

In general terms, "standard auto" is the policy offered to most motorists and vehicle owners that present no significant additional risk to the insurance company and also have no specific circumstances that leads the insurer to believe they are a lower risk than other drivers. "Non-standard" auto insurance is the instance in which an insurer [...]

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Standard Auto (Insurance)

Solvency (Insurance)

Posted: 13 Mar 2012 01:16 PM PDT

Simply put, an insurer must be solvent in order for it to have sufficient funds to meet the obligations it faces under current and future claims that may be made against it. If an insurer has insufficient funds to do this it will be made insolvent which puts the policy holders at risk of reduced [...]

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Solvency (Insurance)

4insure

Replacement Cost
Rental Car Reimbursement
Renewal (Insurance Policy)
Re-insurance

Replacement Cost

Posted: 12 Mar 2012 01:32 PM PDT

In most cases when you take out an insurance policy that covers property in the United States, the insurance will not cover the purchase of a brand new item to replace a battered old one. It will instead award you a benefit equal to the replacement cost of the item. The replacement cost is the [...]

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Replacement Cost

Rental Car Reimbursement

Posted: 12 Mar 2012 01:31 PM PDT

If you have an auto insurance policy in the United States it is possible that you will have a contractual clause that entitles you or a 3rd party to reimbursement for the hire of a rental car for a period during which your car or their car is undergoing repairs as a result of an [...]

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Rental Car Reimbursement

Renewal (Insurance Policy)

Posted: 12 Mar 2012 01:30 PM PDT

A policy renewal is simply the continuation of set and terms and conditions under an existing policy, in a similar policy usually but not always with an increase in premium to accompany the renewal. In US auto insurance policies it is common for policies to automatically renew unless the policy holder informs their insurance company [...]

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Renewal (Insurance Policy)

Re-insurance

Posted: 12 Mar 2012 01:29 PM PDT

Reinsurance is commonly used by insurance companies to offset the risk of major insurance risks on large policies, it works by either combining insurance offerings from many companies or for one insurer to take the whole risk and then sell on the risk to one or more other companies in the form of additional insurance [...]

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Re-insurance

4insure

Qualifying Event
Profit (Insurance Companies)
Primary Driver

Qualifying Event

Posted: 11 Mar 2012 08:46 AM PDT

A qualifying event can be anything that starts the terms of your insurance policy, for example by paying a premium or reaching a certain date. It can also be an event that occurs that enables you to determine a change in the way your insurance policies benefits during the course of your coverage. In health [...]

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Qualifying Event

Profit (Insurance Companies)

Posted: 11 Mar 2012 08:39 AM PDT

The profit for any business is the total income of that business minus all expenditure and the same is true for US insurance companies. Insurance companies in the United States are mainly private companies and that means they have a legal obligation to make a profit for their shareholders and to try and maximize that [...]

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Profit (Insurance Companies)

Primary Driver

Posted: 11 Mar 2012 08:34 AM PDT

A primary driver is the main driver of the vehicle that is being insured, and they will always be listed first on the insurance policy. There may be other drivers who qualify under the terms of the insurance contract to drive the car and receive the insurance protection but they won't drive the vehicle as [...]

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Primary Driver

4insure

Premium
Preferred Auto
Policy
Pleasure Use Vehicle
Personal Lines
Personal Injury Protection
Peril

Premium

Posted: 09 Mar 2012 05:27 PM PST

An insurance premium is the amount that you pay monthly or annually or within another agreed time period in exchange for insurance coverage from your insurer. Your insurance premium will be defined as part of your insurance contract and enables a policy holder to make a judgment regarding the value of the policy in terms [...]

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Premium

Preferred Auto

Posted: 09 Mar 2012 05:25 PM PST

In insurance company parlance a preferred auto insurance policy is a policy which is offered at preferential terms for drivers who have outstanding history of previous driving. This means those people who are able to show they abide by the rules of the road and have a clean record (no violations, citations, etc.) and have [...]

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Preferred Auto

Policy

Posted: 09 Mar 2012 05:22 PM PST

In the United States an insurance policy is simply the written contractual statement of the agreement between the insurance company and the policy holder (or customer). What is likely to be included in an insurance policy? Your insurance policy may include some or all of the following items, the exact wording and content will depend [...]

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Policy

Pleasure Use Vehicle

Posted: 09 Mar 2012 05:20 PM PST

A pleasure use vehicle is different to your usual every day vehicle and there are strict limits on the use of please use vehicles for insurance purposes, this is because they receive discounted premiums compared to other insurance policies for automobiles as insurers see them as a lower risk because they aren't used as often. [...]

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Pleasure Use Vehicle

Personal Lines

Posted: 09 Mar 2012 09:20 AM PST

Personal lines insurance is an insurance policy that is offered to an individual this is different from a commercial lines business or a group business agreement or policy. What are some common forms of personal lines insurance? There are many different forms of personal lines insurance but some of the more common examples are: Auto [...]

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Personal Lines

Personal Injury Protection

Posted: 09 Mar 2012 09:17 AM PST

Personal Injury Protection or PIP is an add on product to car insurance that is provided in some US states that will cover the medical expenses of the injured party and in some case the lost wages of that party and any other damages. PIP is a form of no-fault insurance in that the states [...]

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Personal Injury Protection

Peril

Posted: 09 Mar 2012 09:15 AM PST

In insurance terms "peril" is anything which can incur a loss for the insurance company based on the coverage terms of any individual insurance policy. In most instances peril covered by a policy that is issued by an American insurance company will be specifically named on your insurance contract, this is known as a named [...]

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Peril

4insure

Out of pocket limit
Occurrence (Insurance)
Non-Standard Auto (High Risk Auto or Substandard Auto) Insurance
Penalties For Driving Without Insurance

Out of pocket limit

Posted: 08 Mar 2012 04:22 PM PST

An out of pocket limit which is sometimes called an out of pocket maximum too, is usually found in health insurance policies. It is designed to limit the maximum level of how much money an individual will need to pay in copayments either for specific areas of coverage such as prescription drugs or for the [...]

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Out of pocket limit

Occurrence (Insurance)

Posted: 08 Mar 2012 04:20 PM PST

What is an occurrence in insurance terminology? An occurrence for insurance purposes in the United States is an incident of damage to a body (person) or property that falls within the boundaries of the insurance coverage, takes place within the period of insurance coverage and for which an insurance company will need to make some [...]

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Occurrence (Insurance)

Non-Standard Auto (High Risk Auto or Substandard Auto) Insurance

Posted: 08 Mar 2012 04:16 PM PST

Non-standard auto insurance which is also known as high risk or substandard auto insurance, is a policy that is offered to a driver that is considered to be a higher risk to the insurance company than other drivers that insurance company provides coverage to. Some insurers specialize in non-standard auto insurance in order to offer [...]

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Non-Standard Auto (High Risk Auto or Substandard Auto) Insurance

Penalties For Driving Without Insurance

Posted: 08 Mar 2012 12:09 PM PST

Every state in the USA has it’s own unique requirements when it comes to minimum auto insurance coverage needed. Likewise, each state has different penalties for drivers who are caught driving while failing to meet these minimum coverage requirements. Although these laws vary state by state, one thing is certain – Being caught driving without [...]

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Penalties For Driving Without Insurance

4insure

Non-Cancellable Insurance Policy
No Fault State
No Fault Insurance

Non-Cancellable Insurance Policy

Posted: 07 Mar 2012 10:03 AM PST

A non-cancellable insurance policy is one where the insurer will be obliged to renew the coverage provided by the insurance policy as long as the insured party continues to make payments into that policy. This is normally used in the instances of policies which cover disability, life or health insurance so that a policy holder [...]

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Non-Cancellable Insurance Policy

No Fault State

Posted: 07 Mar 2012 09:56 AM PST

A no fault state is a state which requires all insurance policies for vehicles to be managed on a no fault basis, what this means is that the insurance company will pay benefits to the policy holder in the event of a valid claim – irrespective of which party is at fault in regard to [...]

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No Fault State

No Fault Insurance

Posted: 07 Mar 2012 09:51 AM PST

Internationally; "no fault insurance" is a generic terms which describes an insurance contract (or contracts) which are provided by an insurance company and the cover the insured party for losses under their coverage, regardless of which party is at fault in the incident or accident which generates those losses. However in Canada, America and Australia [...]

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No Fault Insurance

4insure

Named Perils
Losses Incurred (Pure Losses)
Loss Ratio

Named Perils

Posted: 06 Mar 2012 01:13 PM PST

Named perils are the parts of your coverage that refer to specifically named risks and eventualities under which you may make a claim against your insurance policy. Insurance companies will normally lay out the specific dangers that they are willing to underwrite some or all of the risk on in the contract as a matter [...]

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Named Perils

Losses Incurred (Pure Losses)

Posted: 06 Mar 2012 01:11 PM PST

The losses incurred (pure losses) of an insurance policy are an important measure that is expressed quantitatively (in terms of numbers) that indicate the percentage of an insurance premium that pays for losses. Using a figure for the total losses incurred over a given period an insurance company how much money they need to set [...]

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Losses Incurred (Pure Losses)

Loss Ratio

Posted: 06 Mar 2012 01:08 PM PST

In the insurance industry a loss ratio is defined as the ratio of the total losses paid out by an insurance company on claims received (plus any adjustment expenses necessary to facilitate this) divided by the total of the premiums earned by the insurance company in the same period. This figure is very easy to [...]

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Loss Ratio

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