Angelica Luna. Insured ◦ This is any one who is included under the P.A.P and is covered by the...
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Transcript of Angelica Luna. Insured ◦ This is any one who is included under the P.A.P and is covered by the...
![Page 1: Angelica Luna. Insured ◦ This is any one who is included under the P.A.P and is covered by the insurance company. Insurer: ◦ The Insurance Company.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dd45503460f94acbf29/html5/thumbnails/1.jpg)
Auto InsuranceAngelica Luna
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Insured◦ This is any one who is included under the P.A.P
and is covered by the insurance company. Insurer:
◦ The Insurance Company Limits of Liability-
◦ max amount of $ an insurance company will pay for a loss.
BI- Bodily Injury PD- Property Damage
Some Insurance Jargon/Abbreviations
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◦ Includes all of your coverage's & other general provisions.
◦ May be referred to as your Auto Declarations Page
◦ Two types: Split Limit Policy Combined Single Limit Policy
Personal Auto Policy (P.A.P)
![Page 4: Angelica Luna. Insured ◦ This is any one who is included under the P.A.P and is covered by the insurance company. Insurer: ◦ The Insurance Company.](https://reader035.fdocuments.in/reader035/viewer/2022072010/56649dd45503460f94acbf29/html5/thumbnails/4.jpg)
Liability
Medical Payments
Uninsured Motorist
Damage to Your Auto
Structure of a P.A.P
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Two Types of P.A.P
Split Limits Combined Single Limits
Two limits apply to BI & PD Ex: ◦ 100/300/50
The 1st # represents the BI limit per person
The 2nd # represents the BI limit per occurrence
The 3rd # represents PD per occurrence
One limit applies to both BI & PD
Example: 300,000 CS
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Insurer will pay, up to the policy limits, for Bodily Injury or Property Damage to OTHERS by ANY DRIVER of a vehicle insured under the policy.
Two Types◦ Bodily Injury Liability◦ Property Damage Liability
Bodily Injury◦ covers medical expenses, pain
and suffering, lost wages, and other special damages.
Property Damage Liability◦ covers damaged property, and
may include loss of use.
Liability
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Pays reasonable and necessary medical and funeral expenses for covered persons when those expenses are related to an auto accident.
Provides coverage for reasonable expenses incurred within 3 yrs. For necessary medical and funeral services b/c of bodily injury: ◦ 1) caused by accident ◦ 2) Sustained by an insured
Meaning if you were hit as a pedestrian you are covered by this.
Medical Payments
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o Definition: liability coverage that is purchased with a policy in case you the insured or your passengers are injured by another motorist who has no Auto Liability Insurance or not enough liability insurance.
o Limits must be equal the state minimums for Bodily Injury
Uninsured Motorist
It’s ok I do.
I don’t have insurance.
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Most known as Full Coverage, purchased to insure your car Two Deductibles
◦ Collision- coverage helps pay for damage to a covered vehicle caused by: Collision with another vehicle Collision with an object A vehicle rollover
Comprehensive- helps pay for loss of or damage to an insured vehicle, not caused by a collision or vehicle rollover. Examples include:◦ Fire ◦ Wind ◦ Vandalism ◦ Theft ◦ Hitting an animal
Damage To Your Auto