Different insurance companies use different class codes. The symbol is related to the vehicle itself. Most insurance companies use symbols assigned by ISO so they are standard from carrier to carrier. The symbol has several factors that go into coming up with the symbol including cost of the vehicle, cost of parts, and frequency of accidents in that particular vehicle. The lowest used to be the Dodge Caravan which had a symbol 1. As a matter of utter disclosure, I own and operate a smalltown Independent Insurance Agency in Central Georgia and have for 23 years. I also worked as an agent for a direct writer for Three years prior to that.
If your ex-husband insures your son on his auto insurance policy do you also need to put your son on your policy?
Most likely not. Your son should be listed on the policy that has the vehicle that he is most likely to drive.
What does loss payee mean on a auto insurance policy?
The loss payee is any entity that has financial interest in the vehicle (usually a financial institution) that notifies the insurance company and the policy holder of that interest in writing. Any entity can be a loss payee, including your father, if he can display financial interest. .
The loss payee is usually the finance company that holds title to your vehicle. In the event of significant harm to the vehicle the loss payee needs to sign off on the check from the insurance company for the harm. This usually happens after the harm has been repaired. In the event of a total loss the loss payee will be sent a check for the amount of the loan and anything left over will you to the insured. Hopefully you won’t owe more than the car is worth in the event of a total loss.
What does it mean when someone is excluded from an auto insurance policy?
By excluding a person from an auto insurance policy, you are stating that the “excluded” person will not drive the insured vehicle, and that you understand that the “excluded” person is not covered by your insurance in the case of any traffic disturbance (accident, ticket, etc.)..
It means there is no coverage available to the excluded person in the case of an accident while driving the said vehicle. There will be NO COVERAGE.
What does ‘symbol age group’ on comprehensive auto insurance mean?
Companies use rating symbols for various things. Normally the vehicle symbol for comp/coll is based on the fresh purchase price of the vehicle. The higher the number the higher the insurance will cost. Some companies have their own symbols assigned to vehicles while most use the ISO (Insurance Services Office,Inc.) standard symbol.They also use your age in rating and you marital status in pricing auto insurance. A symbol will be assigned your vehicle when fresh and can go down over time depending on the replacement cost of the vehicle. For example ISO symbol for an Infinity M35 AWD is 22 for fresh cost but, 21 for a 2005 model. Another example is a symbol of Ten for some Ford Ranger pick ups while a symbol for most Mercedes are 27.
What does ‘stacking’ mean in regard to auto insurance?
Georgia automobile insurance law states that people who purchase insurance may “stack” – or add the coverage together for each insured vehicle – for uninsured and underinsured motorist coverage.
What do car ISO symbols mean in auto insurance?
Meaning of Car ISO Symbols .
the ISO Symbols assigned to vehicles in auto insurance underwriting are representative of the historical risk and loss factors associated with that specific vehicle make an submodel. They are crucial in accessing the overall risk for the insurer.
What does consent to rate mean on an auto policy in North Carolina?
North Carolina has a Rate Bureau that sets the rates for all the insurance companies in North Carolina for auto and property. A consent to rate is a document which the insured signs and the insurer retains that indicates the insured’s readiness to pay a rate higher than the rate established by the rate bureau. It’s used frequently – for example, the insured has a driving record that makes him or her an undesirable risk unless they are willing to pay for their past risky behavior (as that person would in a state where insurance companies make their own risk – you are rated by your risk, not by an agency setting rates for everyone). In order to charge someone a rate higher than the North Carolina Rate Bureau rates, a consent MUST be signed by the insured.
What does class mean on auto insurance policy?
Clas on an auto insuranc epolicy refers to the vehicle type..
IE , sedans, sport, luxury, non-owner, etc.., etc,,,
What does lose of use mean on a renters insurance policy mean?
Loss of use is usually a coverage of the costs incurred by someone as a result of your accident. If your water heater busts and ruins your carpet you may be insured for that and get fresh carpet. The loss of use clause is there to pay for your downstairs neighbor to stay in a hotel while her flooded apartment is cleaned up. You didn’t demolish it but there is a “loss of use”.
What does reinstatement mean in buildings insurance policies?
I would suggest the explanation is as goes after. When we are talking about “Reinstatment” in the insurance industry it refers to an insurance policy that has gone into a lapse status or cancellation status due to non-pay. You would then need to reinstate your policy or put it back in force. I am not sure how it works with P&C policies such as Fire or Building insurance as you call it but I would imagine you would need to pay any back due premiums and prove that there have been no losses. Usually in P&C from my practices once a policy lapses you don’t re-instate the old policy but rather re-write a fresh one….if the company or any company will now take you. In any insurance, never let the policy lapse! 4lifeguildI think when we discuss reinstatement with reference to the building point of view that’s mean that building (subject matter) suffers a loss but still building can reshape or rebuild in the same condition without demolishing it as it was before the loss, this is called reinstatement of the building.
What does Additionally Insured on a Vehicle Insurance Policy mean?
The person who took out the policy is the main or policyholder. Anypersons added to the policy are considered additionally insured.
What does it mean when a Entire Life Insurance policy has lapsed?
The policy is no longer in effect. Any cash values have been used. You should be able to reinstate the policy within a period of 6 months by paying all premiums due from the lapse date to the current time. Additionally, you will have to provide a statement of current health conditions on an insurance company form. If the the policy is still in the “grace period,” (it has been less than 30 or 60 days since the last premium due date) you should not have to provide a statement of current health conditions – just pay the back premiums.
What does 200300100 mean with auto insurance?
each company is different, but it looks like you were the 100th claim in the year 2003
What does it mean to capitulate a life insurance policy?
It means you want to cancel the policy. If there is cash value in the policy, give up charges will be deducted from the cash value and you will get the remaining balance.
What does the police code Ten mean?
That would be unlikely to tell without identifying the police department, dispatch unit, state, city, jurisidiction, whether or not it is sheriffs, police, constables, etc..
Each police department is different.
What does an insurance policy holder mean?
Insurance policy holder is who has entered into a contract with the insurance company providing for payment of a sum of money to the person assured, or failing him, to the person entitled to receive the same, on the happening of certain event. In the case of general insurance e.g. Medical insurance, on paying a prescribed premium, the insurance policy holder is protected against any disease/illness with its preconditions upto a pre determined sum insured amount, by the Insurance service provider.
What does a code Ten mean in a hospital?
Different hospitals have different designations for most codes, so without knowing the specific hospital you are referring to, it would not be possible to reaction your question.
What does continuity date in an insurance policy mean?
The continuity date, sometimes referred to as the “prior skill” date refers to the date when designated parties very first become aware of an incident which may be a covered act under an insurance policy. Continuity dates are exclusively found in claims made based insurance policies, never occurrence form insurance policies. Any act which any designated party is made aware of before the continuity date listed on the policy would not be covered by the policy in question. While this seems like it may present a major slot in coverage, it does not have to with good risk management practices. Assuming the line of coverage for which the continuity date applies exists when a designated person becomes aware of a possible covered act, as long as the act is reported instantaneously to the present insurance carrier, the claim will be covered no matter the date that the actual request is introduced to the insured. However, if the line of insurance is not in effect at the time the designated parties become aware of a possible covered act, no insurance will apply. This precludes adverse selection of risk by insurance companies. An entity could not become aware of an employment practices wrongful act and then purchase employment practices for the very first time and expect the situation of which they were already aware to be covered under the policy. Do not confuse designated person with insured person, there is a meaningful difference. Often, insurance policies state that only the skill by an executive officer, director, human resources department, or legal department constitutes skill by the insured organization. Skill by rank and file employees would not constitute prior skill for the continuity date. Do not confuse the continuity date with the prior and pending litigation date. The prior and pending litigation date precludes claims regarding allegations made in litigation or administrative deeds preceding the prior and pending date listed in the policy. The difference is for the continuity date exclusion to be triggered, formal litigation or administrative act does not have to have been filed while it would under the prior and pending date exclusion. More Information: (1) It especially occurs on the claims made policy (such as D&O, EPL, Fiduciary, etc.), when the insured switch the carrier, the insured needs to know that there will be no gap in coverage form wrongful acts that occur prior to the inception date of the policy that do not result in a claim until after the fresh policy has incepted. (Two) The initiation date of the very first policy would be referred to as the continuity date. (Trio) Some insurers in the past put wrongful dates on fresh policies that precluded coverage for acts that occurred prior to the inception date. So now when an insured is considering switching insurers, the broker needs to address continuity to ensure that there will be no gap in coverage. In the current market, most insurers will agree to provide continuity.
What does 09-09-09 mean?
This is the date of September 9, 2009. Other comments by WikiAnswers contributors: .
This coming September 9, 2009, is the 252nd day of the year, 252 adds to 9, and 09-09-09 = 27 . .
09-09-09 is also the last of the single-digits dates for fairly a while – 92 years to be precise. .
It is also the upside-down number of “the animal” – satan = 666, of course. .
The day itself falls on a Wednesday and both Wednesday & September have 9 letters.
What does a operator status deferred in auto policy means?
Driver who is not included as an operator in vehicle policy but has a auto policy of his own is termed as “Deferred operator”.
What does SYM mean on car a insurance policy?
The acronym SYM on a car insurance policy means symbol. ISO ratingsymbols for auto insurance are used to assign values to vehiclesbased on the car make and model and car safety ratings, among otherthings. The value of the vehicle and its repair costs as determinedby real life loss practices are also taken into account to assignratings. The purpose of an ISO rating is to determine the risk tothe insurance company to insure the vehicle.
Can you get an auto insurance policy with no vehicle?
Yes, In the United States, It’s called a Individual Non-owners Insurance Policy, sometimes referred to as a “Drivers Policy” or an “Operators policy”. Non Owners insurance however is intended for “unplanned, unexpected” usage. It is limited secondary coverage (liability only) that only invokes once the vehicle owners policy boundaries are weary. A private Non owners Auto insurance policy generally does not provide coverage for a rental vehicle since a rental vehicle typically includes a reservation and several deeds in a course of a “plan” to rent the vehicle. It does not provide coverage for a commercial vehicle of any type since it is a private lines policy, (Private lines auto polices do not cover commercial vehicles) nor for any vehicle that you drive on a regular (expected) basis or that you have regular (expected) access to. If you are considering a Non Owners Auto Insurance policy, be sure to discuss the coverage suggested with a qualified insurance agent. Your agent can explain the limitations of coverages afforded and help you determine if it’s right for you. The rules of Policy construct may vary in other countries. ReactionYES, I can verify this, it’s a national policy and will be good for any vehicle you drive anywhere. But you do not need it. If you do NOT OWN A Vehicle of your own, registered in YOUR NAME, At your address, (They do not check) you will automatically are covered under that vehicle owners policy no matter what happens.”
Can you get auto insurance on your parents’ policy?
Yes, however I have seen a few cases where you may run into trouble. For example in an odd set of circumstances where a child lived with Grandma and because she was not the legal guardian they would not permit it as a permitted driver… this is uncommon and we were obviously able to find her another company but it can happen…. long story brief, you should have no problem.
What do you mean by Vandalism in auto insurance?
Comprehensive is a physical harm coverage that is designed to pay for damages caused to your vehicle. Several different losses are covered under comprehensive coverage including: fire, theft, vandalism, explosion, civil riot, hail, and colliding with a live animal. Some insurers refer to Comprehensive coverage as Vandalism coverage. This will cover practically any type of vandalism that occurs to your vehicle except vandalism that was intentionally done by yourself. You will be required to provide a police report if vandalism is claimed.
The meaning of 09-09-09?
It is a way of signifying the date September 9, 2009. There is no deeper meaning.
What is a writer on an auto insurance policy?
Auto insurance companies hire insurance underwriters, who can also be referred to as writers, to underwrite the risk a driver poses to the company. Underwriters determine how much a policyholder will pay for their insurance rates based on how much risk they carry. If a driver has tickets and accidents, an underwrite will rate them accordingly. Underwriters are very significant in insurance because they make sure that policyholders pay the correct rates to prevent the insurance company from going bankrupt.
What does auto collision insurance mean?
Auto insurance consists of both liability insurance and physical harm coverage. Collision coverage is part of the physical harm section of an insurance policy and is designed to either repair or substitute your vehicle if you are involved in an accident up to the fair market value of the vehicle. Collision will pay for both damages caused in an at-fault accident and damages caused in a not at-fault accident if the other party did not have insurance. If the other party did have insurance and they were responsible for the damages, the other party’s liability insurance would pay for your vehicle damages through Property Harm coverage. You are responsible to pay for your collision deductible for at-fault accidents before a claims payout will be made.
What does COD mean in a life insurance policy?
In the context of a life insurance policy, it stands for Certificate of Death. It is significant because the occurrence that traiggers the insurer’s duty to pay is the death of the insured. The Certiificate of Death is the official documentation of death which will sate that requirement of the policy.
Your life insurance policy was approved with a caveant what does this mean?
You mean either covenant or caveat. Either way, you should contact the issuer of the policy.
What does it mean lapsed insurance policy?
The insuring company provides us the insurance policy based on the premium amount we pay them on a regular basis. This can be monthly or quarterly or half yearly or even annual. A policy lapse means that the life insurance contract inbetween the insurer and the insured (YOU) is terminated.
Can you get auto insurance if your auto policy is canceled?
Yes. Sounds like you haven’t had insurance for a while. You’ll most likely need non-standard auto.
What do you mean by 72-hour clause in engineering insurance policy?
any loss of or harm to the property described in the schedule arising during any one period of 72 consecutive hours, caused by flood, storm, tempest, water harm, subsidence, collapse or earthquake shall be deemed as a single event and, therefore, to constitute one occurrence with regard to the sum insured and deductible(s)
What does the term co-insurance mean on health insurance policies?
In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductibleFor example if you have an 80/20 plan, the insurance company pays 80% for covered services after you’ve met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.
How do you get out of an auto insurance policy early?
If you have an auto insurance policy, and you want to either switch companies or cancel your coverage because your vehicle is no longer in commission, you have the right to do so. While the process of cancelling a policy will vary amongst insurers, most insurers will request a letter of cancellation in writing with your policy number, requested date of cancellation, and your signature to cancel your policy. If your vehicle is non-operable, some states will require proof of the date you reported the vehicle as a non-op to the DMV. If you are switching companies, you may be requested to provide a copy of the declarations page from the fresh insurer showcasing the effective date of the policy to backdate the cancellation. While some companies do not charge a fee for cancellation, others will brief rate your premium and charge a percentage of the unearned premium if you cancel your contract before renewal.
What does matured policy mean in life insurance?
A matured policy is one that specifies a date on which the face value of the policy will be paid to the policyowner if the insured is still alive. The maturity date (and hence, the status of the policy becoming matured) will occur either at the end of a stated term, or when the insured reaches a specified age.
What does the insurance code G8553 mean?
This is a code that providers must report when they use electronic prescription services to send a prescription order to a pharmacy for a patient. This code is billed to Medicare along with the other procedure codes for the encounter. This permits Medicare to track which providers are using electronic prescriptions.
What is the meaning of indemnity in regards to insurance policies?
An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as malpractice insurance.
What does the 10-10 code mean?
In the version adopted by citizen band radio enthusiasts it means goodbye, as in ” 10-10 till we do it again” which was a catch phrase used by them. However in the original codes set down for the Police force in America in 1937 10- Ten means negative (No!).
What does an insurance cancellation policy mean?
You either are a horrible driver or you didn’t pay your bill. Or something else..
What is the cash value in an insurance policy mean?
The cash value is the amount of money your insurance policy is worth to the proprietor of the policy if the insurance is cancelled and the policy terminated. The insurance company will mail a check to the to the policy possessor upon policy termination or cancellation by request of the holder. I would strongly encourage you to consult a professional in your area before cancelling an existing policy. There may be other options and alternatives to access the value of the policy without cancelling the insurance policy.
What does comprehension mean in auto insurance?
It is other than collision insurance. It covers hail, stolen vehicle, hitting an animal, and vandalism.
What does NB NP mean on auto insurance?
It is difficult to response this without observing the context, but I will take a stab at it. On the auto theft claims end abbreviations are used, like NI, is named insured and IV represents the vehicle. With this as a guide to your question, NP would be named policy holder and as I said, without eyeing the context, I can only guess as NB being named beneficiary.
How does a driver class rating of 51 effect my rating on an auto insurance policy?
This just sounds like your insurance company classification codes. These codes don’t mean anything to you or anyone else except for the insurance carrier. Sometimes people get too iinvolved in what their code means and does this number or that letter make their insurance higher. Driver Class 51 could mean 25-64 year old married masculine drivers. Every driver on your insurance policy has a class cose. It’s just ways of grouping certain individuals based on factors where they are similiar. They are nothing to worry about and nothing you can do anything about.
What does betterment mean in auto insurance contracts?
Betterment mean in auto insurance contracts is referred to as a condition relating to original and fresh equipment, or older parts, on your vehicle, when having been bruised in an accident may being substituted with fresh one. This improved condition of the vehicle is known as betterment. Betterment depend upon state laws and guidelines of insurance company.
What does it mean loss history on insurance policy?
Loss history refers to the claims you have had in the past wether on that property or another.
What does it mean to have a standardized insurance policy?
An insurance policy would be called standardized, when it covers all the salient international features/standards as laid down by the insurance authority of the country.
What does it mean when your auto insurance company wants to put your policy under indemnity?
I don’t believe it was explained to you correctly. You most likely received a notice of cancellation from your insurance company and someone in the office told you they were going to put you in their indemnity company. Many direct writer insurance companies have a 2nd company that they either have a totally different name or it may have a similar name to the main company. Allstate for example has Allstate Insurance Company and Allstate Indemnity Insurance for people who have had too many claims or tickets and no longer fit the preferred companies guidelines.
What is the meaning of standard auto insurance?
Standard auto insurance generally refers to the basic car insurance one needs in order to legally drive a vehicle. Often, standard insurance is acceptable for most drivers.
What is cash capitulate insurance policy mean?
The value accrued at the time of give up of the policy is calledcash give up value of the policy. Generally, before completion ofthree year period, no life policy can be surredered and hencequestion of cash give up values does not arise.
Where can you find an explanation of the auto insurance class codes for Texas?
You truly can’t unless you work for an insurance policy or work for the Department of Insurance for the State of Texas. Even then you most likely wouldn’t get this information as everything now is computerized. Each company uses it’s own factors and codes for rating an insurance policy. There are so many different factors now that it would be unlikely to calculate it by hand. In the early to mid 1980s we did do it by hand from large rate manuals, but no longer.