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Terms in this set (75)
Actual Cash Value
The fair market value of property; technically, replacement cost less depreciation.
A statistician who computes insurance risks and premiums. Actuaries keep GEICO profitable and financially stable by setting prices, assessing trends, and determining how much to hold in reserve to pay claims.
After-market parts (also called competitive auto repair parts) are made by a company other than the manufacturer of the auto. The after-market parts we authorize meet or exceed the quality of the manufacturer's parts but cost less. GEICO guarantees these parts for as long as you own the car.
A process of settling a dispute through an impartial party. It is used as an alternative to litigation.
The party that is legally liable for the damages in an accident.
Auto Insurance provides protection from losses resulting from owning and operating an auto. The insurance covers losses to the insured's property and losses for which the insured is liable as a result of owning or operating an auto.
Auto Repair Xpress®
GEICO program that maximizes convenience. It allows you to complete your vehicle's repair process at one location. GEICO Auto Damage adjusters are on site to facilitate the repair process. Rental vehicle arrangements are available on-site through Enterprise Rent-A-Car. All work is guaranteed by GEICO for as long as you own the vehicle.
The parent company of GEICO. Other companies in the Berkshire Hathaway group are listed at the Berkshire-Hathaway website.
Bodily Injury Liability Coverage
Pays damages for bodily injury or death resulting from an accident for which you are at fault and provides you with a legal defense.
A disaster affecting a specific geographic area. Catastrophes often cause injury or even death; most result in extensive property damage. Hurricanes, floods, tornadoes, and even large hailstorms are typical examples of catastrophes.
A demand to recover for damages as a result of a loss.
The person responsible for investigating and settling a claim.
Comprehensive Loss Underwriting Exchange (CLUE) reports provide claims history information.
Pays for damage to your car when it hits or is hit by another car or object, or if the car overturns.
Pays for damage to your car from theft, vandalism, flood, fire, or other covered perils.
Money that one party becomes legally obligated to pay to another party because of a loss or harm to their person or property
The part of your policy that includes your name and address; the property that is being insured, it's location and description; the policy period; the amount of insurance coverage and the applicable premiums.
The portion of a claim you pay out-of-pocket before the insurance company pays. Choosing a higher deductible will lower your insurance premiums.
Direct Pay / EFT
Direct Pay is GEICO's electronic payment method that lets you pay your premiums with automatic deductions from your checking account.
A reduction in your premium if you or your car meets certain conditions that reduce the insurer's loss or expenses. For example, auto insurance discounts are given for cars with auto theft devices and for drivers and passengers who use seatbelts.
A GEICO office staffed with GEICO employees where insureds and claimants bring their vehicles for damage inspections and estimates.
An electronic version of your bill that you can review online. Everyone who has registered to use
GEICO's Policyholder Service Center can choose to receive eBills.
Emergency Road Service Coverage
Protection for problems that are not typically handled by your auto insurance such as: 1) Being locked out of your car 2) Having a dead battery re-charged 3) Inflating a flat tire 4) Filling an empty gas tank
Any change made to the policy.
GEICO's electronic system that allows you to review your policy documents online.
The initial assessment of the cost to repair your damaged property.
Restriction in your insurance policy that denies coverage for certain perils, persons, property, or locations.
This date, found on your declarations page, indicates when your policy coverage runs out. Your renewal policy will start on this date.
An auto purchase financed by a loan. The lender retains a lien on the auto until it has been paid off.
Government Employees Insurance Company and its affiliates GEICO General Insurance Company, GEICO Indemnity Company, and GEICO Casualty Company market collectively under the trademarks of GEICO. There are also specialized divisions designed to handle customers' insurance needs including GEICO Powersports, GEICO Military and GEICO MOAT (homeowners and renters insurance).
Anything that increases the chance of an accident occurring.
Insurance that protects the homeowners from losses to the insured's personal property and any damages for which the homeowner is liable.
The act of providing compensation for a loss with the intent to restore an individual or entity to the approximate financial position prior to the loss.
In some instances, GEICO policyholders will be asked to have their auto inspected. This inspection is not a safety inspection but is intended to reduce insurance fraud by verifying the condition of the auto and making sure that the auto exists.
Insurance is a system in which groups of people who have similar chances of suffering a loss transfer their risk of loss to an insurer who pools the risk of many people together. In exchange for payment of premium, the insurer promises to reimburse the person for their covered losses.
A variety of crimes that range from staging accidents, inflating medical bills, to falsifying an application for insurance.
A person or organization covered by an insurance policy.
An organization that provides insurance.
An auto rented under a long-term contract (lease). The leasing company retains ownership of the auto and must be shown on your insurance policy.
Any legally enforceable obligation or responsibility for the injury or damages suffered by another person.
A person or organization with a financial interest in property up to the amount of money borrowed or still owed on the property.
Limits of Liability
The amount specified in your policy up to which the insurance company will protect you.
Mechanical Breakdown Insurance
Covers repairs to all mechanical parts of the car, protecting you from expensive repair bills.
Pays medical expenses (and in some cases lost wages) of the driver and passengers in your car.
Motor Vehicle Report (MVR)
A report from the agency that issues your driver's license, listing accidents and violations that appear on your driving record. This report is used to verify information provided by insurance applicants and policyholders.
GEICO's Motorcycle insurance provides protection from losses resulting from owning and operating motorcycles.
The person or entity listed on the policy declarations page.
An insurance system where your own insurance pays for your injuries regardless of who caused the accident.
When an insurer decides not to renew a policy at the end of its policy period.
Original Equipment Manufacturer (OEM) Parts
Auto parts obtained from the original manufacturer of the car or the supplier of the original part.
Your auto insurance premium can be paid using one of our installment payment plans; you make several smaller payments but incur a service fee.
A danger or hazard that can cause a loss, for example, a car collision with an object, or a fire.
Personal Injury Protection
Pays medical expenses (and in some cases lost wages) of the driver and passengers in your car.
Property that is not land or connected to land (real estate), such as furniture or jewelry.
A contract between you and the insurance company.
The person who took out the insurance policy and is named in the policy.
The price of the insurance policy that the insured pays in exchange for insurance coverage.
Property Damage Liability Coverage
Pay when you are legally liable for damage to the property of others caused by your auto. This coverage pays for property damage up to the dollar amount you selected plus the cost of any legal expenses.
A statement of premium that will be charged for insurance coverages based on specific information provided by the person requesting the quote including drivers, vehicles, and driving record.
Often used as a synonym for premium but actually refers to the base rating units that are used to determine the final premium.
The date that your insurance policy expires and the date that your renewed policy will begin.
Insurance that provides protection from losses that arise out of the rental of a home. Protection covers losses to the insured's property, not to losses that occur as a result of owning a home.
Several types of parts may be used when your vehicle is repaired: new parts, original equipment manufacturer, after-market, and recycled parts. New or after-market parts will be used if we can't find like-kind and quality recycle parts. A 5-year-old car, for instance, would be repaired with parts at least as good as the parts that had been in the car. We guarantee the after-market parts used for these repairs for as long as you own the car.
In motorcycle insurance, a rider is someone who will operate the insured motorcycle.
The chance of suffering a loss.
Special Investigation Units
GEICO helps fight fraud through its special investigation unit, staffed with experts in fraud detection and investigation.
If your car is damaged because of another driver's negligence and you ask GEICO to settle the claim for damage for your car, we will seek payment recovery (including your deductible) from the other party. This process of payment recovery is called subrogation.
Person or entity not party to an agreement but with an interest in the agreement.
Third Party Claim
Claims for injury or damage to property of a third party alleged to have been caused by the insured.
Towing and Labor Coverage
Provides insurance if your auto needs to be towed or requires roadside assistance.
Provides high limits of additional liability coverage above the limits of your homeowners and auto policy. In addition, it provides coverage that may be excluded by other liability policies.
The process an insurer goes through to determine whether or not it will provide coverage for an applicant.
Uninsured Motorist Coverage
Pays for your injuries and, in some circumstances, certain property damage caused by an uninsured or hit-and-run driver. In some cases it also includes coverage for underinsured motorists - an at fault driver with insufficient insurance to pay your claim.
Vehicle Identification Number (VIN)
A 17-digit number assigned to each vehicle manufactured in the United States after 1980. This number is used for identification purposes and is visible on the dashboard when viewed from the outside of the vehicle.
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