Common auto insurance terms you must know

auto insuranceIf you are dealing with auto insurance or looking for an insurance for your own car, it is important to know some of the terms. In fact, it is important to know some of the specific terms of all the professional fields. This becomes handy when you deal with the specific professionals. Here are some of the terms related to auto insurance, which you must know, at least to deal with the professionals.  In order to get the claim for any mishap with your car from the insurance company from which you availed the policy it is mandatory for you to know the critical terms associated with you. This will help you to protect yourself from any cheating from the insurance company end at the time of taking policy as well as at the time of making a claim.

  1. Adjuster – It is the term used to mean the company or the officer from the insurance company who settles a claim.
  2. Accident – It is an unwanted and unpredicted incident that might happen to an auto vehicle any time on the roads.
  3. Actuary – He or she is the person who assesses the risk of an auto vehicle and computes the premium of the vehicle.
  4. Accident Frequency – The number of accidents or unwanted incidents the car or auto has faced in a year covered by insurance. This is used to assess the premium of the next insurance.
  5. Appraisal – It is the document written formally to denote the actual valuation of the asset.
  6. Agent – He or she is the representative of the insurance company, who holds the license to deal your auto insurance.

There are other terms too, but the above terms are used often and important for you to know. So make a record of them and keep that with you.