car, which is in danger of getting into an accident simply because it’s being driven.) EXTENDED NON-OWNED COVERAGE FOR NAMED INDIVIDUALS: An endorsement added to your personal policy that covers liability and medical costs but not damage to the company vehicle. FIRST PARTY: How your insurance company refers to you in a claim. FROLIC: Using a work car for non-work purposes. GAP INSURANCE: Covers you if your car gets totaled and its fair market value is less than you owe on your lease or loan. This insurance pays the difference, so you won’t owe anything. INDEPENDENT AGENT: An insurance agent who represents multiple insurance companies. INSURANCE ADJUSTER: See “claims adjuster.” INSURANCE AGREEMENT: The core part of your insurance policy in which your insurance company agrees to make payments when they fall under your
83
Powered by FlippingBook