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Oregon Auto & Car Insurance Glossary

Accident
Refers to any type of collision that triggers the filing of an insurance claim.

Auto insurance
An insurance policy coverage involving vehicles as well as their owners, drivers, passengers, and concerned third-parties in the event of an accident ; types of coverage may include medical expenses, liability, property damage, collision, bodily injury and comprehensive coverage.

Binder
Refers to a statement, which provides immediate protection to the insured. A binder can be in written or verbal form and is made to provide temporary coverage while the actual policy is not yet issued.

Claim
Pertains to the insured’s request for insurance coverage in accordance with the insurance policy.

Combined Single Limit
Bodily injury and property damage combined together and expressed as a single monetary amount.

Covered Person
Refers to someone covered under the insurance policy.

Deductible
The amount in dollars that the insured is obliged to pay after a covered event prior to the payment of the remainder by the insurance.

Earned Premium
Pertains to the amount of the premium used within the term of the policy.

Effective date
The starting date of policy coverage for a covered vehicle.

Exclusion
Items that are listed to be not covered under the insurance policy.

Flat Rate Cancellation
Termination of the insurance policy prior to its effective date.

Garage Location
The ZIP code wherein your car is oftentimes parked.

Hit and Run
Refers to an accident in which the party at-fault refuses to stop and provide information.

Inception Date
The activation date of the insurance policy.

Indemnity
The insurance principal stating that the insured will be restored to the approximate financial condition prior to the occurrence of the accident.

Lapse in Coverage
The period in which the insured party fails to make payments or renew their policy resulting to the insured having an inactive vehicle insurance.

Limits of Liability
The maximum amount an insurance company will pay for an event covered by the insurance policy.

Motor Vehicle Record (MVR)
Statement issued by the Department of Motor Vehicles that lists any traffic offenses the insured party made within a specified length of time.

Multi-car Discount
Individuals with multiple vehicles insured under the same policy are eligible for multi-car discounts.

No-Fault Insurance
An insurance policy coverage that compensates the insured regardless of who caused an accident.

Oregon
State in the pacific northwest. Largest city in the state is Portland. Capital is Eugene, Oregon.

Occasional Driver
Not the vehicle’s primary driver; can be any driver, i.e., primary driver’s spouse or child.

Per Occurrence Limit
The maximum amount an insurance company will pay for a single incident.

Per Person Limit
The maximum amount an insurance company will pay for an individual person’s injuries after an incident.

Physical Damage
Refers to any damage sustained by the insured vehicle in a covered event, i.e., theft, fire, collision, or vandalism.

Policy
The written contract agreed upon by the insurer and the insured that states all policy coverages and limitations.

Policyholder
Refers to someone covered under the insurance policy.

Premium
The amount of money an insured pays for a specified risk on the policy for the given period of time.

Principal driver
Refers to the primary driver of the insured vehicle.

Renewal
Pertains to the act of maintaining or renewing an insurance policy after it reaches its completion or expiration date.

SR-22
Court order required insurance for individuals involved in an accident or convicted of a traffic violation without showing any proof of insurance.

Term
The length of time that an insurance policy is valid and in effect.

Unearned Premium
The length or amount of time left on an insurance policy.

Usage
Refers to the insured vehicle’s primary purpose of use.

Vehicle Identification Number
A code in alpha-numeric, which is assigned to every vehicle; the VIN contains information including make, model, year and any pertinent details about the vehicle.

Waiver of Collision Deductible
In a hit-and-run situation or in the event that the at-fault party is uninsured and properly identified by the policyholder, the waiver of collision deductible pays the insured’s collision deductible.

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