Wednesday, April 19, 2017

Technical terms used in car insurance.



Risk of aggravation – Sets a risk that became more serious when the initial contract. Can be found in the claim, lead to rejection of the process by the insurer. If, for example, a car with lowered suspension outside the original specifications.

Risk analysis – technical study done by the insurer in order to determine appropriate conditions and prices to accept a safe, based on the assessment of the risks involved.

Policy – Agreement signed between the insurer and the client. It describes the well insured, coverage and guarantees contracted.

Bonus – Discount granted to the insured in the renewal of the policy for introducing satisfying experience to the insurer.

Coverage – online Insurance against the risks described in the policy.

Additional coverage – That in which the insurer admits, by the inclusion in the policy, and payment of an additional premium for risks not covered by the general or special conditions.

Basic coverage – that is directly related to the vehicle (hull). It aims to compensation for damages to the insured vehicle and in which additional, ancillary or additional toppings can be added, if applicable.

Damage finding – In car insurance, is a form of auto insurance check and compare the damage from an insured vehicle and third.
Damage – Damage suffered by the insured or third and indemnification under the contracted coverage.

Material damage – Caused by the insured to other vehicles, walls, gates, posts, road signs etc.

Body damage – Caused the person, trampling etc.

Moral damage – is what affects personality and offends morality and dignity. Some insurers offer this clause, since it is very common traffic accidents generate discussion and an offended person claim for moral damages.

DPVAT – Damage Compulsory company Insurance Personal Injury Caused by Motor Vehicles Land routes, or on its load, transported or not people.

Endorsement – Changes made during the policy period, replacement vehicle, driver change, address etc.

Franchise – is the money in part that the customer will pay to repair the damage on your car, in case of the accident. The value is set in the initial contract.

Deductible franchise – mode that requires the insurer to indemnify only losses that exceed the deductible, which is always deducted from the total compensation.

Simple franchise – mode that discharges the insurer to indemnify when the losses are lower than the set value in the franchise.

Full compensation (total loss) – It is characterized when the damage caused by an accident become uneconomical repair of the vehicle. This situation occurs when the repair costs exceed 75% of maximum coverage, that is, the insured value of the car.

Business Interruption – What the insured or third leaves of profit as a result of the accident. Classic example on car insurance is the taxi that stopped because of an accident.

Bad faith – deliberately act in a manner contrary to law or the law.

Loss – In free insurance is any damage or loss, which reduces the value of goods in quantity, quality or interest. Applied to policies covering liability, this term means payments made on behalf of the insured.

Award – is the sum of money paid by the insured to the insurer so that it take responsibility for a particular risk.

Proposal – printed formula, containing detailed questionnaire which must be completed by the insured when applying for the insurance new.

Liability – It is an obligation imposed by law, every one, to answer for the damage caused to others, personally or by persons under their dependence.

RCF-V – is the Civil Liability insurance Optional or third. Protects the insured against damage to third parties.

Risk – It is uncertain or unknown date event that is independent of the will of the contracting parties against which it is made safe. The risk is the expected loss. Often the word be used also to mean the thing or person subject to risk.

Accessory risk – risk that is not covered by the main cover, it may nevertheless be covered by payment of additional premium.

Rescued – are rescued objects of an accident even with economic value. So they are considered both the goods that have been in perfect condition, as the damaged part. In the case of an accident, the vehicle itself or part of it after payment of compensation for theft or total stealth. It also refers to what’s left of a vehicle after accident indemnified by the insurer.

Sinister – Expression used to determine the event that caused damage, loss or damage to the well or to the insured.

Rate – is the rate used to calculate how much the insured pays the premium. The rates sometimes are changed more than once a month and depend on the accident factor.

Market value – Updates the amount of compensation on the day of payment, according to the market price.

Preliminary inspection – Vehicle inspection by a person authorized by the insurer to check its condition before the formalized insurance.

Risk survey – Inspection made by qualified experts to assess the risk of conditions to be insured, in order to establish their value.

Survey sinister – visit the site where the victims property in order to determine the amount of damage suffered by the insured.

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