Insurance ABCs 6 insurance terms that might not mean what you think they do.

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A party of one? A drive-in with no movies? Welcome to the world of insurance language. Here are six sometimes-confusing terms and what they really mean:

Binder
No, not the three-ring kind from high school. This binder is a temporary agreement declaring that your policy is in effect until a formal policy can be issued.

E-Estimate
To    make   your  life  easier, ICC Collision Centers   offers a free – online estimate of vehicle damage..  click   HERE for more info

First Party
Don’t bust out the dance moves just yet! A first party is the technical term for any person or organization covered by insurance.

Subrogation
An underwater vacation? Not even close. Subrogation describes the process of recovering money for a claim paid but for which the insured wasn’t at fault.

Tort
Not quite as delicious as the French dessert, a tort describes any wrong or injury done to a person for which someone else may be liable. Now if only it came with a slice of torte.

Umbrella Insurance
This insurance won’t keep you dry in the rain, but it can cover you above your existing homeowners, auto or boat policy

Questions?  Call us today!

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