Per Person/Per Occurrence Limits
Each insurance policy specifies a top dollar amount it will pay for all claims stemming from a single accident. Policies that have split limits show a per person amount and a per occurrence amount. For example, with a split limit, bodily injuries sustained by the driver and passengers may be capped at $100,000 per individual or $300,000 for all persons when the per person coverage equals $100,000 and per occurrence equals $300,000.
Personal Auto Policy
The most commonly available coverage for liability, medical payments, uninsured/underinsured motorist coverage, and physical damage protection is called Personal Auto Policy (PAP).
Personal Injury Protection
PIP usually covers insured persons as a result of accident. Reasonable and necessary costs associated with medical and hospital costs, loss of income or services, funeral expense, or child care expense may be covered regardless of fault. It is mandated by state law in certain states.
As a result of accident, fire, vandalism, or other perils, damages incurred are covered under the policy unless excluded.
The final contract between insurer and insured, which defines the specific terms, coverages, responsibilities, and obligations of both the insurer and the insured. The policy also encompasses all modification to the policy such as endorsements, riders, attachments, and exclusions.
The duration the policy is in effect. The policy beginning and end dates are shown on your ID card.
See Named Insured.
Typically refers to drivers with factors such as age, gender, or a clean driving record who statistically have fewer accidents than average.
The cost of the insurance policy.
Pro Rata Cancellation
When a policy is cancelled before it expires, the cost is prorated for the term coverage was in effect and the balance is refunded to the customer.
Property Damage Liability Insurance
This insurance covers damage to physical property and may include compensation for loss of use. Property damage and bodily injury liability are typically written together and are required by all states though minimums may vary from state to state.
Information from Coverage For My Car