Bank service that permits payment by one check to a number of creditors or direct payment by the bank for specified recurring bills by monthly transfer of funds (e.g., payment of insurance premiums). See also electronic funds transfer system (EFTS) and preauthorized payment. Also called bank check plan, check deposit billing, electronic funds transfer system (EFTS), check-o-matic, preauthorized checking, or preauthorized payment.

Insurance plan choice that automatically pays any premium that is in default at the end of a grace period (usually 31 days). This payment is charged against the insurance policy as a loan, provided the premium is not in excess of the policy’s cash surrender value on the due date of the premium.

Clause in an insurance policy that provides for automatic restoration of the full face value of the policy after payment for a loss. Also called reinstatement.
***
UK: Also called a self-renewing clause. A clause under which the sum insured or limit of indemnity is automatically restored to its original level following a claim.
***
A clause in an Insurance Policy which provide for automatic reinstatement of the full face value of the Policy, after payment for a partial loss. Refer “Reinstatement.”

Type of formal agreement between a reinsurer and a ceding insurer that automatically transfers the risks and their acceptance by the reinsurer. Also called treaty.
***
Refer: “Reinsurance, Automatic Treaty.”

Clause in a contract that automatically reestablishes the contract with the same terms for another stated period of time. See also reinstatement.

Court order that goes into effect once a bankruptcy petition is filed; all other legal actions such as attachments and foreclosures are halted.

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.

An automobile owner’s protection against various risks such as bodily injury liability, medical, property damage, collision, comprehensive, and uninsured motorists.

***

Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.

***

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.

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.