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Insurance Terms - Insurance Glossary

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Insurance Terms - Insurance Glossary
Glossary of Insurance Industry Terminology and Acronyms
(Glossary of Insurance Terms)

Insurance Terms & Glossary: (Choose a Letter)

Liability Auto Insurance

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Liability Auto Insurance
Liability Insurance coverage provides a fixed dollar amount of coverage for damages that an insured driver becomes legally liable to pay due to an accident or other negligence. For example, if an insured driver drives into a telephone pole and damages the pole, liability coverage pays for the damage to the pole. In […]

Auto Insurance in the United States

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Auto Insurance Coverage Available
The consumer may be protected with different coverage types depending on what coverage the insured purchases. Every state requires that motorists carry minimum levels of auto insurance coverage in order to ensure that its drivers can cover the cost of damages to people or property in the event of an automobile accident.
In […]

Auto Insurance Risk Selection

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Auto Insurance Risk Selection 
Auto insurance risk selection is the process by which vehicle insurers determine whether or not to insure an individual and what insurance premium to charge. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to a framework of regulations […]

SR22 Auto Insurance (SR-22) Insurance

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SR22 Insurance
SR22 Insurance Terms & Glossary
Financial Responsibility Insurance (SR-22 Insurance) is the mechanism in Illinois to monitor the insurance of problem drivers and authorize the Secretary of State to suspend upon cancellation (SR-26) or expiration. Through the SR-22 Insurance and SR-26 process, mandatory insurance is enforced in the most efficient way. Through the S&FR law, […]