Glossary Of Insurance Terms - Ohio Insurance Institute

Glossary Of Insurance Terms
(Rev. 04/07)
A (continued)
Automobile Insurance (Coverages):
For definitions of specific types available, see following auto insurance coverages listed alphabetically throughout the Glossary—Automobile
Death Indemnity Coverage, Automobile Disability Income Coverage, Automobile Liability Insurance, Automobile Physical Damage Insurance,
Bodily Injury Liability Insurance, Collision Insurance, Comprehensive Automobile Insurance, Deductible Collision and Deductible Comprehensive
Coverages, Medical Payments Automobile Insurance, Personal Injury Protection Automobile Insurance (PIP), Property Damage Liability
Insurance, Towing Coverage, Underinsured Motorists Coverage, Uninsured Motorists Coverage and Uninsured Motorists Property Damage
Coverage.
Auto Insurance Premium:
The price an insurance company charges for coverage, based on the frequency and cost of potential accidents, theft and other losses. Prices
vary from company to company, as with any product or service. Premiums also vary depending on the amount and type of coverage purchased;
the make and model of the car; and the insured’s driving record, years of driving and the number of miles the car is driven per year.
Other factors taken into account include the driver’s age and gender, where the car is most likely to be driven and the times of day–rush hour
in an urban neighborhood or leisure-time driving in rural areas, for example. Some insurance companies may also use credit history-related
information. (See Insurance Score.)
Automobile Liability Insurance:
Protection for the insured against loss arising out of legal liability when his or her car injures others or damages their property. (Includes
Bodily Injury Liability and Property Damage Liability Coverages.)
Automobile Physical Damage Insurance:
The Collision and Comprehensive coverages in the automobile insurance policy.
Aviation Insurance:
Coverage against aviation perils, primarily involving operation of aircraft and characterized by a constant exposure to potential catastrophe
loss. Types of coverages include insurance for damage to the aircraft or contents, aircraft owner’s liability insurance on passenger bodily injury
or death, Airport Liability, Hangarkeeper’s Liability, and Aviation Products Liability insurance.
OII Glossary Of Insurance Terms 4