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Jun 28, 2018 · Comp (a.k.a Comprehensive or Other Than Collision) and Collision are physical damage insurance coverages on a personal or business auto insurance policy. Collision coverage provides reimbursement for damage to your vehicle after you’ve been in a car accident in which there is no fault or you are at-fault. Comp provides reimbursement for a set ...
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Mar 10, 2020 · Can't make heads or tails of your insurance statement? Check this list of abbreviations for health and automobile insurance claims, policies, and providers.
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Apr 28, 2021 · Comprehensive insurance is a type of auto policy that pays to repair or replace your vehicle after a non-collision incident. Examples include damage, theft, falling objects, vandalism, and fire ...
Waiver of Co-insurance A fire insurance contract clause that states that co-insurance does not apply unless the amount of loss exceeds a certain amount. Waiver of Subrogation A special type of waiver that is a pre-loss voluntary relinquishment by an insurer of its right to seek the reimbursement of its payment for damages that were caused by a party other than the insured.
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
Discover Insurance Abbreviations: Dive deeper into a comprehensive list of top-voted Insurance Acronyms and Abbreviations. Explore Comp Definitions: Discover the complete range of meanings for Comp, beyond just its connections to Insurance.
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The less risk (lower deductible), the higher your insurance costs would be. Let's say there's a bad hailstorm in your area and your vehicle has $1,000 in damage. You have a $100 deductible on your comprehensive coverage. You'll pay the first $100, and then your insurance company will pay the remaining $900 of the vehicle repair bill.
