The theory of probability on which the business of insurance is based. Simply put, this mathematical premise says that the larger the group of units insured, the more accurate the predictions of loss will be.
Insurance covering what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person.
The maximum amount of insurance that can be paid for a covered loss.
A type or kind of insurance, such as personal lines. (See personal lines)
Enables the state insurance department or its appointed deputy to wind up an insurance company’s affairs by selling its assets and settling claims upon those assets. After receiving the liquidation order, the liquidator notifies insurance departments in other states and state guaranty funds of the liquidation proceedings. Such insurance company liquidations are subject to each state’s liquidation statutes, not the Federal Bankruptcy Code.
Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.
A reduction in the quality or value of a property, or a legal liability.
A nonbinding procedure in which a third party attempts to resolve a conflict between two other parties.
medical payments insurance
A coverage in which the insurer agrees to reimburse the insured and others up to a certain limit for medical or funeral expenses as a result of bodily injury or accidental death. Payments are without regard to fault.
medical utilization review
The practice used by insurance companies to review claims for medical treatment.
multiple peril policy
A package policy, such as a homeowners or business insurance policy, that provides coverage against several different perils. It also refers to the combination of property and liability coverage in one policy. In the early days of insurance, coverages for property damage and liability were purchased separately.
The Vehicle Insurance Rating is a 1 - 5 score indicating which vehicle's insurance cost provides the best value.
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Vehicle Insurance Ratings
The Vehicle Insurance Ratings are compiled by our data partner, Vincentric. The ratings are based on the anticipated insurance costs of a vehicle when compared to similarly priced vehicles within the same category (SUVs, crossovers, sedans, etc.). To determine the ratings, Vincentric uses a series of statistical models to determine the insurance cost patterns relative to the cost of the vehicle. A higher Vehicle Insurance Rating value indicates that a vehicle is less expensive to insure that other vehicles in that category. Conversely, a lower rating suggests that the vehicle may cost more to insure.