Any collision that results in you having to make a claim with your insurance company. Automobile insurance

A statement providing immediate protection to the insured. The statement can be written or oral and is designed to provide temporary and immediate coverage until the actual policy is issued. Claim

The combination of bodily injury and property damage that is expressed as a single monetary amount. Covered Person

The dollar amount that the insured must pay after a covered event before the insurance will pay the remainder. Earned Premium

The date in which the policy coverage begins for the covered vehicle. Exclusion

Termination of the insurance policy before it goes into effect. Garage Location

An accident in which the at-fault party fails to stop and provide their information. Inception Date

The insurance principal which states that the insured will be restored to the approximate financial condition before the accident occurred. Lapse in Coverage

The maximum an insurance company will pay out in the case of an event covered by the insurance policy. Motor Vehicle Record (MVR)

A discount given by an insurance company to individuals for insuring multiple vehicles under the same policy. No-Fault Insurance