The party that is legally liable for the damages in an accident. Means the same as an insured, policyholder, or someone who has an insurance policy. He or she must get coverage through a state assigned risk plan which specifies that each company must accept a proportionate share of these drivers/owners. Assigned Risk (AIP)Ī driver or vehicle owner who cannot qualify for insurance in the regular market. It is used as an alternative to litigation. ArbitrationĪ process of settling a dispute through an impartial party. Process that determines the value of property, or the extent of damage, usually performed by an impartial expert. Autos equipped with these devices may entitle you to a discount on your insurance premiums. Anti-Theft DeviceĪ device that deters auto theft. ABS allows all wheels to slow at the same rate, thereby preventing loss of control. Anti-lock Braking System (ABS)Ī computer-controlled high pressure system that assists the vehicle's normal braking system. An amendment alters the policy an endorsement adds to it. AmendmentĪ change to the basic policy contract. The price or cost of repairs agreed to by the AD (auto damage) adjuster or independent appraiser and the body shop representative. This individual could be an 'exclusive' or 'non-exclusive' agent. After-Market PartsĪn individual who acts as a representative for the company and sells insurance, usually on a commission basis. Term used to refer to the other party's insurance company. See Claim Examiner or Auto Damage Adjuster. Actuaries keep GEICO profitable and financially stable by setting prices, assessing trends, and determining how much to hold in reserve to pay claims. ActuaryĪ statistician who computes insurance risks and premiums.

The fair market value of property technically, replacement cost less depreciation. With Accident Forgiveness (not available in CA, CT, and MA) on your GEICO auto insurance policy, your insurance rate won't go up as a result of your first at-fault accident.

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