Glossary of Auto Insurance Terms | AUTOMOBILE INSURANCE

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❈ Adjuster
A person licensed by the Department of Insurance whose job is to evaluate the amount of loss and to recommend the amount the insurance company will pay.
❈ Agent
A person licensed by the Department of Insurance to solicit and service insurance policies.
❈ At-Fault
Negligent.
❈ Claim
A request to an insurance company for payment of a loss.
❈ Coverage
The amount of risk covered by an insurer.
❈ Deductible
The portion of each covered claim you are responsible for paying.
❈ Endorsement
An amendment to an insurance contract, creating a change in the original terms.
❈ Exclusion
A provision in an insurance contract that removes coverage for certain losses or property.
❈ Experience Period
The three years immediately preceding the date of application or the preparation of renewal.
❈ Family Member
A person related to you by blood, marriage or adoption who is a resident of your household, including a ward or foster child.
❈ Insurer
The insurance company that is underwriting the contract of insurance.
❈ Liability Insurance
Provides protection for the insured against loss arising out of legal liability to third parties.
❈ Limits
The maximum amount the insurance company will pay in the event of a loss.
❈ Insured
The person or persons covered by the insurance contract.
❈ Negligence
The failure to act as a reasonably prudent person would have acted under similar circumstances.
❈ Occupying
Means in; upon; getting in, on, or off.
❈ Premium
The amount paid in consideration for an insurance policy.
❈ Premium Finance Company
A lending institution approved by the North Carolina Department of Insurance, which finances
insurance premiums for a fee.

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