P&C Ch. 6 Vocab

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P&C Ch. 6 Vocab
2013-02-15 05:07:44

P&C Ch. 6 Vocab
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  1. Part A Liability
    3rd party, combined single limits or split limits, 100/300/100. Bodily injurty or property damage. company must defend you. the other guy must be outside your car. $100000 per occurance
  2. Part B Med Pay
    Medical Payments, to insured, $5000 per person. pays for you and yours (family or anyone else in your car). no fault coverage, limits per person, only to fix the body, will cover pedestrians
  3. Part C Uninsured/Underinsured
    100/300/100. like liability and the other guy is at fault, he cant or wont pay and has no insurance or not enough to cover the damage. uninsured driver is always illegal, underinsured driver is legal but inadequate 
  4. Part D Damage to your auto
    collision. other than collision. named perils (collision). open perils (other than collision). most likely a deductible, depreciation, and the companys right to savage.
  5. named insured
    you and your spouse
  6. family member or resident relative
    related by blood, marriage, or adoption and living at the address
  7. occupying 
    in the vehicle or on it or getting into or out of it
  8. covered auto
    your car and additional vehicles newly acquired during policy period but for limited time. the new car is a replacement vehicle. a temporary substitute is a vehicle which you are using because you car is unavailable due to breakdown, servicing, repair, theft, or destruction. 
  9. Policy wide exclusions
    • intentional acts
    • war
    • nuclear
    • vehicles used for hire (not to include car pools)
    • using a vehicle without reasonable belief you had permission 
  10. primary excess rule
    coverage goes with the car even if the driver isnt the named insured and may use your policy to pay the excess if the insureds isnt adequate and is not provided for regular and frequent use
  11. other than collision
    • falling objects
    • fire
    • earthquake or explosion
    • wind
    • hail, water or flood
    • vandalism
    • riot
    • theft
    • contact with a bird or animal
    • glass breakage
  12. selected auto endorsements
    • towing and labor
    • miscellaneous type vehicles
    • extended nonowner coverage for named individuals