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What do these common terms mean on an auto policy?

Appraisal, the estimated value of a vehicle factored by an appraiser.

Claim, the person or perhaps business filing a claim against an insurance policy.

Declaration page, usually covering such things as the effectives date of the policy, the named insured, the coverages listed, policy number, premiums and deductibles.

Deductible, the amount a person must pay out of pocket to pay for a claim before an insurance company will contribute.

Depreciation, the amount that factored in the value of a vehicle, based upon miles driven, the age of the car, and the condition of the vehicle before it was damaged.

Endorsement, basically a change in the policy which eithers adds, removes or deletes coverage.

Premium, the amount of money paid for the policy.

Insured, the person or business who is covered under the policy.

Med pay, coverage helps pays for medical expenses due to an auto accident, it covers you the driver, passengers, or any pedestrians that are involved.

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