We shall discuss a few of the commonly used auto insurance related words in the following article. Emphasis will be laid upon trying to convey the technicality in common man’s jargon.
Actual cash value: it is the actual present value of the automobile which would be incurred in order to replace it. But this value is not same as the ex showroom value, it is that value minus the depreciated value.
Benefit: it is the actual cash value that a person receives on filing a claim with the auto insurance company.
Bodily injury liability: it is the reimbursement that an insurance company will pay to all the persons injured in an accident. The insurance company which pays the money will be the one associated with the person at fault.
Claim: it is the request for money that is filed by the insurance holder with the insurance company after an accident.… Click here to read more