Covers physical injury and death caused others by the driver responsible for an accident. Bodily injury coverage pays for items like medical bills, loss of income, and pain and suffering—but only for the not-at-fault party and passengers. It also provides legal representation in the case of lawsuit. Required coverage in most states, drivers need sufficient … Read more
A term which refers to a list of assets, investments and liabilities held by an insurance company. A quick glance over an insurer’s balance sheet offers a good indication of whether or not the company can be classified as financially stable, both presently and in the future. Since insurers hold a certain amount of funding … Read more
A type of protection that covers the physical damage you’re legally obligated to pay when you cause another person bodily injury or property damage while driving, as well as legal fees incurred if the case goes to court. All states require drivers to carry either automobile liability coverage or proof of financial responsibility for the … Read more
Requests for monetary compensation filed by auto insurance policyholders following damage or loss to insured vehicles. Auto insurance claims may be filed by contacting the insurance company that wrote the policy, either by phone, mail, email or fax. Many insurance companies also allow customers to file auto insurance claims online. Once received, insurers investigate auto … Read more
A situation that presents a high likelihood of loss. If you own a car, you may be at risk of having an accident, having the car stolen or having it burglarized. If you’re unhealthy or have a terminal illness, you’re also at risk—and the chance of filing an insurance claim increases exponentially. Insurance companies must … Read more
Insurance pools available nationwide which provide auto insurance to high-risk customers who can’t get insured in the normal marketplace. Every insurer licensed in the state must participate in an assigned risk plan. When someone has a poor driving record and can’t buy insurance in the regular market, their state of residence assigns an insurer to … Read more
Material or monetary resources owned by an individual or corporation. Most assets can be converted into cash at some point and become liquid when traded in the marketplace. Assets can be divided into the following categories: current assets: cash, short term investments, inventory and other items expected to be converted to cash, sold or consumed … Read more
An expert trained to accurately evaluate the worth of certain types of property. Appraisers provide professional advice to insurance claims adjusters that help determine the amount of reimbursement justified following loss. They prepare insurance forms and cost estimates, and make recommendations to the insurer, based on the facts of the incident. Many large insurance companies … Read more
A survey that helps determine a property’s insurable value or the amount of loss due on an insurance claim. When an accident occurs, the insurance company sends a trained appraiser out to inspect the damage and estimate the cost of repairs. This information is then relayed to the adjuster, who incorporates the appraisal into the … Read more
An insurance-like, financial contract that guarantees a series of later payments in exchange for a lump-sum deposit paid up front. Annuity payouts may include a minimum death benefit amount, last for a definite period of time, and may be issued monthly, quarterly, semi-annually or annually. Alternately, they may span an entire lifetime—either the insured’s or … Read more