Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Auto Insurance Glossary
To make any kind of insurance work for you, it helps to understand the vocabulary used to describe it. By mastering a few simple ideas, you will be in much better position to understand the concept.
|Actual Cash Value||Actual Cash Value is determined by the auto insurance company by calculating the original price of your automobile minus depreciation.|
|Additional Insured||A person or named entity insured along with the primary insured on a policy. Such a provision is common practice when leasing a vehicle to protect the interests of parties providing the lease. One may also see this referred to as Additional Interest.|
|Adjuster||An adjuster is someone who investigates and documents insurance claims|
|Anti-Theft Recovery System||Signal emitting electronic device which can be activated remotely to assist in recovery of stolen automobiles. Cars which have such devices may be eligible for certain type of discounts|
|Bodily Injury||Provision in an auto insurance policy which protects against financial liability in the event that policy holder injures someone as a result of a motor vehicle accident. All states have a minimum requirement between $10,000 and $50,000 per person, and between $20,000, and $100,000 per accident. In auto insurance policies, shorthand is used to express this coverage. For example, the state minimum for Alaska is $50,000 of bodily injury per person, and a cumulative amount of $100,000 per accident. This is written as 50/100.|
|Collision Coverage||Covers loss to insured's vehicle as the result of an automobile accident.|
|Comprehensive Coverage||Covers loss to insured's vehicle for other reasons than collision. This coverage typically protects against fire, theft, vandalism, and falling objects. It is never a state imposed minimum, but is usually required by lending institutions as a loan condition.|
|Continuous Coverage||Refers to the total amount of time auto insurance has been in place on vehicle without a break in coverage.|
|Deductible||Refers to an amount of risk that the policy holder assumes before the insurance company will pay the remainder of each covered loss up to the policy limits. One can reduce the expenses by increasing the deductible(s).|
|Drive-Other-Car Endorsement||Optional coverage which covers loss for non-owned vehicles.|
|No Fault||Some states require an auto insurance company to cover your loses no matter who is at fault. Losses are usually defined as medical expenses, and lost wages. Refer to your agent or insurance company for specific details. The following are 'No Fault States': Florida, North Dakota, Utah, Texas, Oregon, New York, Michigan, Delaware, Minnesota, Kansas, Kentucky, Hawaii, New Jersey, D.C., Washington, Maryland, Massachusetts and Pennsylvania. Florida will cease to be a no fault state as of October 1st, 2007. This means that you will no longer be required to carry PIP coverage.|
|PIP||PIP stands for Personal Injury Protection. In most state, the party at fault in a motor vehicle accident is expected to pay the medical expenses of the other party. If you are in a motor vehicle accident and it is determined that you are at fault, the other parties' auto insurance will not cover your injuries, or the injuries of your passengers. Without PIP, your auto insurance will not cover your injuries either. In No Fault states, these companies stand committed for losses covered no matter who is at fault which is why they typically require everyone to also carry PIP. If you're wondering whether you live in a no fault state, here is the list: Florida, North Dakota, Oregon, Texas, Utah, New York, Michigan, Delaware, Minnesota, Kansas, Kentucky, Hawaii, New Jersey, D.C., Washington, Maryland, Massachusetts and Pennsylvania.|
|Property Damage||Also known more formally as Property Damage Liability Coverage, this component of auto insurance protects you against financial loss in the event that you damage someone else's property in a motor vehicle accident. The coverage also happens to be mandatory in every state. The amounts of bodily injury and property damage coverage required by a particular are abbreviated according to the following format: X/Y/Y, where 'X' stands for the minimum required amount of bodily injury protection per person, where 'Y' stands for the minimum amount of personal injury protection required per accident, and where 'Y' stands for the minimum amount of damage to property coverage required per accident.|
|Uninsured Motorist||In most states, the party at fault in a motor vehicle accident is held financially responsible for injuries caused to other parties. For this reason, Bodily Injury protection is mandatory in all states. Despite what is legally required, there are still millions of people who drive without auto insurance. If such a person injures you or passengers in your vehicle, uninsured motorist coverage will pay the medical expenses of you and the passengers in your vehicle. This also happens to be a mandatory coverage in about 20 states.|