Broadway Insurance House & Broadway Auto Tags

Additional Personal Injury Protection

       Optional automobile no-fault coverage, which contains provisions for income continuation, benefits, essential service benefits and survivors’ benefits.  

Automobile Insurance

       The insurance of automobiles involves three basic types of coverages:  

• liability insurance coverage for losses caused by injuries to persons and legal liability imposed on the insured for each injury or for damage to property of others,  
• physical damage insurance coverage for losses caused by damage to or loss of insured automobile, and  
• Un-insured and Under-Insured insurance first party coverage for losses caused by injuries to persons with too few or no insurance.  

Bodily Injury Liability Insurance

       Protection against loss arising out of the liability imposed by law upon the insured for damages resulting in bodily injury, sickness or disease.  

Casualty Insurance

       A general class of insurance covering liability resulting from accidents and some types of property insurance.  It includes among other cover-ages: automobile, workers' compensation, employer's liability, general liability, plate glass, theft and personal liability.  It excludes life, fire and marine insurance, but, as ordinarily used, includes health insurance and fidelity bonds.  

Claim

       A demand by an individual or corporation for payment of loss covered by the policy of insurance.  (See Claimant.)  

Claims Adjuster

       Once you have reported your claim to your agent, he or she will contact your insurer's claims adjuster--usually within the hour.  The adjuster will begin the settlement process, the length of which will depend on the cooperation of the other party, if any.  While some claims are relatively easy and straightforward, others are more complicated.  

       Your adjuster is charged with investigating the claim and then making a recommendation to the insurance company.  The recommendation can be to accept the claim and pay the full amount requested, accept part of the claim and make a partial payment, or refuse the claim and make no payment.  The insurance company will then make a decision regarding your claim and notify you of its final decision.  

Claimant

       One who makes a claim.  Some companies report claim counts based on the number of claimants rather than the number of accidents or occurrences.  (See Claim.)  

Collision Insurance

       An automobile coverage, which pays for damage to the insured object, caused by collision with any object (except a bird or animal), stationary or moving.  

Comprehensive Coverage

       A form of automobile physical damage insurance covering any loss or damage to an automobile except by collision or upset.  

Coverage

       The aggregate of risks covered by the terms of a contract of insurance.  

Deductible

       When you file a claim for property or loss, the payment made by the insurance company is subject to a deductible.  Basically, when you purchase your insurance policy, you agree to pay the first specified amount of any damage as your share of the cost of repair or replacement.  The insurance company adjusts its rates accordingly, charging less for those who agree to pay a larger first share--or deductible.  For example, if your car should sustain damages costing $2,000 to repair and you have a deductible of $250, you would pay $250 and the insurance company would pay $1,750.  

Effective Date

       The starting date of a policy; the time at which the insurance protection begins.  

Homeowners' Insurance

       A multiple line contract incorporating both property and liability coverages into one contract.  Commonly it has five different forms to provide protection for owner-occupied dwellings, for tenants in non-owned dwellings, or for mobile homes.  

Insurance

       A socioeconomic device to spread the losses of some over the greater population.  In practice, it is an economic activity requiring the prediction of losses to be suffered by any two or more participating entities, the collection of funds from all participating entities, and payment from such funds to participating entities suffering losses subject to the insurance.  

Insurance Company

       An organization chartered under state or provincial laws to act as an insurer.  In the United States, insurance companies are usually classified as fire and marine, life, casualty and surety companies and may write only those kinds of insurance, which are specifically authorized in their charters.  Many company charters have now been brought to include several of these types.  

Insurance Department

       A department of a state government whose primary duty is regulation of the insurance business.  

Insurance Policy

       Broadly, the entire written contract of insurance.  More narrowly the basic written or printed document, as distinguished from the forms and endorsements added thereto.  

Insurance Premium

       The total charge for all of the units of exposure insured under a given policy.  

Liability

       Broadly, any legally enforceable obligation.  

Liability Coverage

       Types of insurance providing liability protection, as defined above.  Property damage and bodily injury are considered to be "liability" coverages.  

Liability Insurance

       Any form of coverage whereby the insured is protected against claims of other parties arising out of his negligent acts (Third Party Coverage) for which he is legally liable.  

Loss

       In insurance it means the amount the insurer is required to pay because of a happening against which it has insured.  A happening that causes the company to pay.  Also refers to the overall financial result of some operation, as opposed to "profit." The basis for a claim for indemnity or damage under the terms of an insurance policy.  Any diminution of quality, quantity or value of property.  

Property Damage Liability Insurance

       Protection against liability for damage to the property of another not in the care, custody and control of the insured as distinguished from liability for bodily injury.  Property damage insurance is written in connection with the bodily injury protection but with separate premium and limits of insurance.  (See Liability Insurance.)