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Glover VT Auto InsuranceHelpful links and resources for finding a auto insurance in Glover, VT. Glover, VT Legal Directory; We're here to help you find insurance in Glover, VT. |
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Insurance Information
Bail Bond
Variously used in connection with the release of a person or property from the custody of the law, referring to the bond or sum of money that is furnished the court or other official as indemnity for nonperformance of the obligation.
Bailee
One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of another.
Bailment
The delivery of goods or personal property by one person to another, in trust for the execution of a special purpose in relation to such goods, beneficial either to the bailor, the bailee or both. This is done by contract, express or implied, which obligates the bailee to perform the trust and carry out its purpose and then either redeliver the goods to the bailor or dispose of the goods according to the purpose of the trust.
Bailor
The owner of property legally possessed by another bailee.
Benefit Period
A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Length of time a policy will pay benefits to an insured.
Benefits
The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
Binder
A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.
Blanket Contract
A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established in the policy for all hospital and medical expenses incurred, without any limitations on individual types of medical expenses.
Blue Cross
An independent, nonprofit membership corporation providing protection on a service basis against the cost of hospital care in a limited geographical area.
Blue Shield
An independent, non-profit membership corporation providing protection on a service basis against the cost of surgical and medical care in a limited geographical area.
Bodily Injury
A legal responsibility due to negligence arising from an occurrence resulting in an injury of another person's life or health.
Bond
A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
Broker
A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
Business Insurance
Any insurance for commercial or business enterprises, as opposed to personal insurance, which is for the protection of individuals; a policy written for business purposes, such as key employees, partnerships, and corporations. Synonym is Commercial Lines.
Bail Bond
Variously used in connection with the release of a person or property from the custody of the law, referring to the bond or sum of money that is furnished the court or other official as indemnity for nonperformance of the obligation.
Bailee
One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of another.
Bailment
The delivery of goods or personal property by one person to another, in trust for the execution of a special purpose in relation to such goods, beneficial either to the bailor, the bailee or both. This is done by contract, express or implied, which obligates the bailee to perform the trust and carry out its purpose and then either redeliver the goods to the bailor or dispose of the goods according to the purpose of the trust.
Bailor
The owner of property legally possessed by another bailee.
Benefit Period
A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Length of time a policy will pay benefits to an insured.
Benefits
The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
Binder
A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.
Blanket Contract
A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established in the policy for all hospital and medical expenses incurred, without any limitations on individual types of medical expenses.
Blue Cross
An independent, nonprofit membership corporation providing protection on a service basis against the cost of hospital care in a limited geographical area.
Blue Shield
An independent, non-profit membership corporation providing protection on a service basis against the cost of surgical and medical care in a limited geographical area.
Bodily Injury
A legal responsibility due to negligence arising from an occurrence resulting in an injury of another person's life or health.
Bond
A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
Broker
A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
Business Insurance
Any insurance for commercial or business enterprises, as opposed to personal insurance, which is for the protection of individuals; a policy written for business purposes, such as key employees, partnerships, and corporations. Synonym is Commercial Lines.
Insurance Information
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Insurance Information (cont'd)
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
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