Heritage Publishing, Inc. © 2012
MATERIAL FACT: Refers to a fact which is so important that the disclosure of it would change the decision of an insurance company, either with respect to writing coverage, settling a loss, or determining a premium. MISREPRESENTATION: The use of oral or written statements that do not truly reflect the facts. PLAINTIFF: The party who brings a legal action against another. REPRESENTATION: A statement made on an application that the applicant represents as correct to the best of his knowledge and belief. SETTLEMENT: Conclusion of litigation by the mutual agreement of parties involved prior to final verdict. STACKING OF LIMITS: Applying the limits of more than one policy to an occurrence, loss or claim. STATUTE OF LIMITATIONS: The time limit set by law during which a person must bring legal action on a case. TWISTING: The act of, or attempt thereat, which induces a policy owner, by means of misrepresentation, to drop an existing policy and take another. VICARIOUS LIABILITY: The law says that under certain circumstances a person is liable for the acts of someone else. WARRANTY: A statement made on an application that is warranted as true in all respects.
AUTO INSURANCE TERMS
ANTI-THEFT RECOVERY SYSTEM: These systems consist of an electronic device that’s installed in a concealed area of your car. BUSINESS/COMMERCIAL USE: This classification means that you mainly use your car for business purposes. COMMUTING: If you primarily use your car for commuting, this means that you mainly use the car to drive it to and from work or school. DEFENSIVE DRIVER AND DRIVER IMPROVEMENT COURSES: These courses consist of defensive driving training for drivers of all ages as well as “mature driver safety courses” intended for drivers age 55 and over.
GLOSSARIES - AUTO INSURANCE TERMS
EMERGENCY ROAD SERVICE: This optional coverage, sometimes called towing coverage, pays a fixed amount toward the following: towing, tire changing, gas, oil, battery services and water delivery. HULL INSURANCE: Portion of an aircraft or a yacht policy that covers physical damage to the insured craft. MOTOR VEHICLE REPORT: A Motor Vehicle Report provides information on individual driving records. NON-PASSIVE ALARM: A non-passive alarm has to be manually activated every time you leave the car. PASSIVE ALARM: Passive alarms are automatically activated and emit warning sounds when someone tries to get into your car. PERSONAL INJURY PROTECTION: Personal Injury Protection, or PIP, is a kind of auto insurance coverage available only in certain states and generally includes expanded coverage of accident- related medical costs. In some states, PIP also pays for lost wages and similar losses. PERSONAL WATERCRAFT: A small but powerful motorized watercraft sold under brand names such as Jet Ski or Wave Runner. PLEASURE USE: If you use your car for pleasure, this means that you typically drive it for fun, with no regular commuting or business use. PRIMARY DRIVER: The person who drives a car most frequently. RENTAL CAR REIMBURSEMENT: An optional kind of auto insurance coverage that helps pay for your rental car expenses if needed due to a loss. SECONDARY DRIVER: One of the drivers listed on your auto insurance policy who’s insured for driving an insured vehicle. STEERING RESTRAINT: A durable collar or shield fitted to the upper and lower casing of your car’s steering column. TOWING COVERAGE: This type of auto insurance coverage is optional, and pays a fixed amount toward towing if your car breaks down or if it’s disabled in an accident. VIN: Short for Vehicle Identification Number, a unique 17-digit number found on every car. YACHT: Typically, a recreational watercraft that is 26 feet or more in length; distinct from a boat or a personal watercraft.
2012 Jacksonville Claims Association Resource Guide
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