If you’re planning to purchase an auto insurance policy, it is important for you, as a consumer, to know at least a bit of terms used in the business. This helps you go afloat in comparing deals and insurers, and will keep you from being unconscious of all the cuts and traps an agent or company might throw in your way. Building a basic knowledge of an auto owners insurance Flat Rock MI policy is important, because it is something you will be investing with the money you worked hard to save and accumulate.
- Actuary. This specialist is the one who computes the premiums and risk of an auto owners insurance Flat Rock MI policy.
- Additional Insured. This is the individual or a group of people who have auto insurance protection that goes under the primary name of an insured policy. The protection can be an extended from a car leasing brand to an individual who lends a car to the insured.
- Adjuster. Also used as “claim adjuster,” this is the professional who is responsible for looking over and settling all claims brought to the insurance desk that resulted from a casualty. He evaluates and determines the payment of the available claims to the policyholder.
- Appraisal. This is a written document of the estimation of the value of the car being insured. Insurers are obliged to make this as this is created against any future casualty that results to the loss of the car. When the appraisal is damaged eventually, it can be completed or even replaced by the adjuster or a vehicle repair expert.
- Assigned Risk Plan. Usually managed by the state, this is made for individuals who cannot acquire an auto insurance coverage plan due to poor insurance record or financial insufficiency.
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