Key Definitions of Car Accident Claims
When dealing with an auto accident claim, it is good to familiarize yourself with the key definitions of the auto accident claim policy. These key definitions are important to know when dealing with a car accident claim. To understand these key definitions ahead of time will make the claim process go smoother when the adjuster is referring to specific key terms, chances are that you will know what they are. Some of the key terms you’ll see on policy are.
Premium — the amount charged by the insurance company for coverage against specific losses.
Insured — this is the policyholder, or the direct customer of the contract
Covered persons — these are the drivers that are covered under the policy, this usually includes all family members or any person driving your vehicle. Usually only people not included would be someone who is specifically excluded.
Damages — if a loss occurs to use or what will be specifically paid out. This usually covers property at live ability losses which can include bodily injury. The policy can even pay for specific verifiable expenses that the other party incurs, in general losses such as the other party’s pain and suffering compensation. Punitive damages are usually excluded under most policy unless they are required by law.
Claimant — this is a third party to any claim against an insured. A claimant does not have a direct contract with the insurance company, but they have implied coverage when the insured is responsible for the loss incurred.
Claim — this is declaration of damages incurred for a loss by either the insured or the claimant.
Claim process — the claim process is the handling of a loss by the representative of the insurance company.
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