Auto Insurance Definitions
Setting aside extra cash for accidental or miscellaneous purposes is not enough. Accidents happen whether you like it or not and some circumstances are way beyond our control. Due to unavoidable accidents, buying an auto insurance policy with good liability coverage can be a great idea. Since auto insurance coverage is sorted into various coverage types, it would be best to understand which policy will best suit an insurer. Below is a list of different auto insurance terms to help an insurer understand the coverage of each policy.
Actual Cash Value
Combined Single Limit Policy
Splits Limit Policy
Underinsured Motorist Endorsement