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Auto Insurance Glossary
- Annuity
The term annuity in current use in the insurance industry, refers to two very different types of legal contracts with very different purposes.
- Car Insurance
Car insurance is insurance consumers can purchase for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of car accidents.
- Coverage Levels
By buying auto insurance, depending on the type of coverage purchased, the consumer may be protected against..
- Distance Risk Factor
Several car insurance plans charge a flat rate regardless of how much the car is used.
- Insurable Risk
An insurable risk is a risk that meets the ideal criteria for efficient insurance. The concept of insurable risk underlies nearly all insurance decisions.
- Insurance Contract
An Insurance contract determines the legal framework under which the features of an insurance policy are enforced.
- Pricing Plans
Except for government-mandated liability insurance, most car insurance plans charge a premium based on several risk factors..
- Public Policy
In many countries it is compulsory to purchase auto insurance before driving on public roads.
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