A property protection device to prevent damage by Fire. The sprinkler head is made of a substance that melts at a low point and releases a spray of water to extinguish Fire.
Insurance Encyclopedia
Automatic stay
Court order that goes into effect once a bankruptcy petition is filed; all other legal actions such as attachments and foreclosures are halted.
Automatic Treaty
Reinsurance of specified types of risks which is automatically ceded and accepted within the terms of the contract, called a treaty, without consideration of each one individually. The reinsurance takes effect as soon as the original contract is in force. Same as Obligatory Reinsurance.
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Refer: “Reinsurance, Automatic Treaty.”
Automobile
Under Medicare Secondary Payer guidelines, this is defined as any self-propelled land vehicle of a type that must be registered and licensed in the state in which it is owned.
Automobile assigned risk insurance plan (Vehicle Insurance)
A plan that provides automobile insurance to individuals otherwise unable to obtain coverage due to their driving records. The price of this type of insurance is higher than standard automobile coverage.
Automobile Fleet
A group of automobiles under the same ownership and management. For insurance purposes a fleet usually consists of five or more self-propelled units and generally qualifies for certain premium reductions and rating plan.
Automobile insurance
An automobile owner’s protection against various risks such as bodily injury liability, medical, property damage, collision, comprehensive, and uninsured motorists.
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Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
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A type of insurance which protects the insured against losses involving automobiles. Different coverage can be purchased depending on the needs and wants of the insured e.g., the liability coverage of bodily injury liability, property damage liability and medical payments and physical damages of collision and Package policy.
Automobile Insurance Plan
One of several types of “shared market” mechanisms where persons who are unable to obtain such insurance in the voluntary market are assigned to a particular company, usually at a higher rate than the voluntary market. Formerly called “Assigned Risk.”
Automobile insurance premium discounts
Some insurance companies reduce premium rates for drivers who have good driving records, have taken a driver education course, are between the ages of 50 and 74, car pool, buy homeowner’s or renter’s insurance from the same company, install antitheft prevention devices and receive antitheft prevention services, or drive cars with special safety features.
Automobile liability coverage
Coverage in which the insurer agrees to pay all sums for which the insured is legally obligated because of bodily injury or property damage arising from the ownership, maintenance, or use of an auto. Generally part of a commercial or personal auto policy.