Driving for Seniors

Declaration page —This is usually the first page of an insurance policy. It lists the full legal name of your insurance company, the amount and types of coverage, the deductibles, and the insured vehicle(s). Deductible —The amount of the loss that you must pay before your insurance company pays anything. Only comprehensive and collision coverage have deductibles. Endorsement/rider —A written statement that changes the coverage or details of an insurance policy. Exclusion —These are the specific things that your insurance policy does not cover or limits coverage for. For example, your policy may not cover certain kinds of dangers, people, property, or locations. Insured —The person who can file a claim in case of an accident or loss. Also called the policyholder. Insurer —The company that issues your insurance. Liability coverage —Insurance that helps pay for the injuries and damages from accidents that are your fault. Licenses (broker’s, agent’s, or insurance company’s) — A certificate of authority issued by the Department of Insurance to a broker, agent, or insurance company to do insurance business in California. Limit —The most money that your insurance company will pay for your loss. Gap coverage —This pays the difference between the fair market value of your new car and the balance you owe on your loan or lease. Medical payments coverage —Pays limited medical costs for you or others in your car, when you are in an accident. Non-renewal —When you or your insurance company does not renew your policy at the end of its term. Policy —Your contract with the insurance company. It explains your coverage. It also states the rights and duties of both you and the insurance company. Premium —The amount you pay to buy an insurance policy. 17