Don’t you sometimes feel that your auto insurance policy is riddled with terminology and verbiage that you don’t understand? At Insurance Doctor it is important to us that you understand your insurance policy in full detail. Here are a few common terms used and their definitions to help unlock the mystery of automobile insurance.
At-fault: being the one responsible for an accident.
Broker: an insurance salesperson who works with agents and companies to find the best insurance for consumers available at the time
Negligence: injury or damage to a third party caused by failure to exercise a generally acceptable level of caution
Policy period: the actual time period that an insurance contract or policy is valid providing coverage
Premium: the set amount of money you pay to have insurance
Proof of loss: valid documents that you give to the insurer as evidence to support your request for payment of losses
Surcharge: is an added charge above the cost of your premium due to a previous accident or violation
Underwriter: an individual in an insurance company who writes your policy after determining what insurance risks will be accepted and on what terms
