How to get cheap car insurance rates and low cost car insurance quotes
AUTOMOBILE INSURANCE GLOSSARY
PER OCCURRENCE LIMIT: In an automobile mishap, this is the limit an insurance company will pay for all claims related to one accident. It relates to injuries incurred by all involved in the accident. When coverage is bought in split limits, the second figure is the "per occurrence" limit. (E.g. $150,000 per person/$450,000 per occurrence)
PER PERSON LIMIT: This is the limit paid by an insurance company for one person's injuries connected to a single automobile accident. When coverage is bought in split limits, the first figure is the "per person" limit. (E.g. $150,000 per person/$450,000 per occurrence)
PERSONAL AUTO POLICY: Also known as PAP, this policy offers coverage for liability, medical payments, uninsured/underinsured motorist coverage, and physical damage protection. This simply worded policy is the most common one sold today.
PERSONAL INJURY PROTECTION: Also known as PIP, it often covers medical expenses, loss of income from work, essential services, accidental death, funeral expenses, and survivor benefits. Personal Injury Protection generally refers to no-fault benefits as mandated by no-fault state insurance laws.
PHYSICAL DAMAGE: Any damage to your insured vehicle, including collision, vandalism, theft, and fire.
POLICY: The insurance contract between the insurance company and the insured comprised of various written documents including endorsements, riders, forms and attachments.
POLICY PERIOD: The amount of time, such as six months, that a policy offers coverage.
POLICYHOLDER: This term may refer to the policy owner or others covered by the policy. The Policyholder has ownership in the policy.
PREFERRED RISK: A risk designated as being better than the standard risk.
PREMIUM: The amount of money paid for an insurance policy during a specific length of time.
PROPERTY DAMAGE LIABILITY INSURANCE: Coverage for damage or loss of property when the insured is liable.
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