OTC stands for other than collision, also known as comprehensive coverage, a type of physical damage coverage.Other than collision is an optional physical damage coverage, which helps protect your vehicle in case of theft, vandalism, glass damage, damage from hitting an animal, fire, floods and weather-related damage. And you'll be able to access that critical information at point of sale. Auto insurance premiums are quoted for either 6 month or annual policy periods. Get the top TL abbreviation related to Insurance. List page number 2 These options are referred to as “coverage symbols,” which are numeric symbols that demonstrate exactly what coverage applies to […] Featured auto resources List of most popular Insurance terms updated in September 2020. Okay, I know this is off topic, but I figured I could find some great answers in this section. Below is a quick overview of various car insurance coverage … The coverage can be purchased from the auto dealer or directly from your insurance company. Car Insurance Coverage: Auto Coverage Types & More With so many different coverages, it's hard to know what's right for you. The ISO Business Auto Coverage Form (BACF) is a standard insurance form used by many insurers to provide commercial auto coverages. Insurance Bureau of Canada are indicated with an asterisk ("*"). Insurance TL abbreviation meaning defined here. Gap insurance covers the difference between these two amounts—what the vehicle is worth and what you owe on it. Liability The language of insurance can be quite complex and confusing. Find the common abbreviations of insurance and other English words at Writing Explained. Glossary of Commercial Insurance Terms Commercial insurance is divided into two main categories: property insurance and casualty insurance. BI coverage also pays towards the cost of your defense in these cases. And though you’re good at what you do, you need to be prepared for anything that may jeopardize your career and your financial future. Learn more. PIP is a coverage in which the auto insurance company pays, within the specified limits, the medical, hospital and funeral expenses of the insured person, people in the insured vehicle and pedestrians struck by the insured vehicle. For example, you’re going through an intersection, and another driver runs a red light and hits your car. Covered loss Collision insurance: If you get into an auto accident, collision coverage pays for the repairs (or even the replacement of your vehicle, depending on the severity of the accident). You might be looking to build your own personalized auto coverage plan, or maybe you would like to have a little more knowledge about a necessary part of car ownership. Understanding the different types of coverages can help you find the right car insurance policy for your needs and budget. Updated: January 2019. Term life insurance coverage that can be converted into permanent insurance, regardless of an insured’s physical condition and without a medical examination. Or maybe the question is.....Would you SWITCH car insurance companies if you could save $375 a year?? Coverage Verifier Auto is also available through QuickFill ® — Verisk's data prefill tool that helps complete an insurance quote quickly and easily. Car insurance centered around you. Collision: If you’re in an automobile accident, regardless of who is at fault, collision insurance provides protection to replace or repair your vehicle, subject to a deductible. The BACF utilizes a set of numbers, called covered auto designation symbols, to indicate the types of autos that are insured for each kind of coverage. Your auto lender may require you to carry comprehensive on your automobile policy. Looking for online definition of OT or what OT stands for? When it comes to insurance, one size doesn't fit all. Together, these two types of liability coverage are the foundation of all state required auto insurance laws. If you drive on occasion or your state is requiring that you have an SR22 and you don't own a vehicle then a non-owner policy i … They’re at fault for the accident, but they don’t have auto insurance. If you don't understand, ask! Property Damage Liability Coverage Part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone else's personal property. Occupational Therapy Professional Liability Insurance . Commercial, or business auto, insurance differs greatly from personal auto insurance. This coverage typically pays the difference between the amount recovered from the other driver and the amount of the damages, up to the limit of the policy. Uninsured motorist coverage protects you in the event that the other driver—who caused the accident and is found at-fault—doesn’t have auto insurance at all. Learn about the many different coverage types available to help meet your needs, then contact an agent to get a personalized insurance proposal.. You may choose a deductible on this coverage—what you must first pay out-of-pocket for a claim before the insurance kicks in. Other terms, conditions, limitations, and exclusions may apply. Anyone have some insight into which might be the better company? COMMONLY USED ACRONYMS / ABBREVIATIONS ... AHAS Advocates for Highway and Auto Safety ... EPICC Equity in Prescription Insurance Contraceptive Coverage Act EPO Exclusive Provider Organization EPSDT Early and Periodic Screening, Diagnosis, and Treatment Disclaimer: Insurance coverage and discounts are subject to availability and qualifications. For leased vehicles, gap insurance is usually rolled into the lease payments. This coverage is not required by law, though your bank may require it if you have an auto loan. What does TL stand for in Insurance? It usually refers to a combination of liability, collision, and comprehensive insurance, along with any other coverage that a vehicle owner may want. PL and PD are abbreviations used in the car insurance industry. Employer-provided coverage is focused on insuring your employer. Basic Auto Policy. If you're buying a new car or shopping for auto insurance, you'll likely need to understand the common types of coverage available on a car insurance policy. I currently have Geico, for $1,240 per year. Insurance professionals with whom you may come into contact should be prepared to explain these terms. Browse the list of 7.5k Insurance abbreviations with their meanings and definitions. The most common way to abbreviate insurance Commercial Auto Professional Liability ... A&E - architects and engineers (liability coverage) A&H - accident and health (insurance) ... American Association of Insurance Management Consultants It is difficult to answer this without seeing the context, but I will take a stab at it. We offer you the most convenient way to find the lowest car insurance, auto insurance rates in San Francisco County, Orange County, San Jose, Los Angeles, San Diego, Fresno & all of California. As an occupational therapist, you’re helping your patients in their everyday lives. Regardless of the circumstances, we want you to be as educated as you can be. Auto insurance customer lifecycles are enriched with data, insights and tools from LexisNexis Risk Solutions. PL stands for Public Liability and PD stands for Property Damage. On the auto theft claims end abbreviations are used, like NI, is named insured and IV represents the vehicle. OT is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms The Free Dictionary The various types of car insurance coverage are available to help protect you, your passengers and your vehicle if you're involved in a car accident. Coverage which may protect against drivers without insurance, and/or drivers with insufficient policy limits to reimburse you for damages they caused. Below are some commonly used insurance terms and their meanings. PD doesn't pay if you damage YOUR OWN property, only the property of others. Non-owners' auto insurance: This is a type of policy that offers minimum state-required auto insurance coverage for people who do not own a vehicle but still need to be insured. Business auto insurance forms provide business owners with a few more options when it comes to choosing particular coverage types for specific vehicles they own. Convertible. Personal injury protection (PIP) coverage. Although still used today to insure substandard risks, two-wheel motorized vehicles, and commercial autos, the Basic Auto Policy has been primarily replaced by the Personal Auto Policy, which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle. Coverage Verifier Auto provides the most complete history of risk available in the industry today. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The payment required for an insurance policy to remain in force.