Car insurance is something that helps us financially after the car accident. While confering with the insurance salesman, you come across various terms that are not used among the general public. It's really important to understand and have a good idea about these insurance terms. Every driver must read their auto insurance manual, but however most of the terms present in the policy book are unfamiliar to the drivers as they are not used in regular conversations.
Few efforts have been put to showcase various common insurance terms and for brief information about, navigate through the infographic.
Claim:
A request or demand to pay some bucks as mentioned in the insurance policy.
Application:
A signed statement given by the insurer to process the claim and it can be signed electronically.
Policy holder:
Individuals who have registered with a insurance company for certain policy.
Renewal:
It is often used to continue the active policy by renewing it.
Third party claim:
Claim used to pay for the damage created to third party by the insurer.
The other common insurance terms include non renewal, exclusion, fraud, hazard, insurance and deductible etc.
