Monday, July 18, 2011

Insurance Terms at Geico

http://www.geico.com/information/insurance-terms/
Accident Forgiveness
In most states, if you've been an accident-free GEICO policyholder for five years you may qualify for this program. Accident forgiveness means that GEICO won't add a surcharge to your premium after your next at-fault accident.

Actual Cash Value
The fair market value of property; technically, replacement cost less depreciation.

Actuary
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.

Adjuster
See Claim Examiner or Auto Damage Adjuster.

Adverse Carrier
Term used to refer to the other party's insurance company.

After-Market Parts
See Competitive Auto Repair Parts.

Agent
An individual who acts as a representative for the company and sells insurance, usually on a commission basis. This individual could be an 'exclusive' or 'non-exclusive' agent.

..., etc.

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