bankbazaar.ph

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Definitions (25)

1

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claim


A request raised to get a reimbursement on the expenses incurred to repair damages to the car or get a replacement in case of car theft. It is as per the terms and conditions of the car insurance policy.
Source: bankbazaar.ph

2

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accident


A sudden unfortunate incident leading to injury, loss of life or damage to property.
Source: bankbazaar.ph

3

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assured


Synonym for a policyholder, insured individual or someone with an insurance policy.
Source: bankbazaar.ph

4

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auto insurance


An insurance policy that protects you against losses incurred while owing or using an automobile.
Source: bankbazaar.ph

5

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auto personal accident


An insurance that covers you or any other people with you in the vehicle in case of injury or death in an accident. It entitles you reimbursement on medical, hospitalization and funeral expenses.
Source: bankbazaar.ph

6

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acts of god/nature


An insurance policy that provides cover to your vehicles in the case of damages caused by natural calamities. Mostly applicable to those residing in the typhoon-prone areas of Philippines. AON is optional, however in case of mortgaged cars, the mortgagee will have to add this cover as they continue to have a stake in the car’s condition until the [..]
Source: bankbazaar.ph

7

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cover


The benefits and terms of protection offered in the car insurance policy.
Source: bankbazaar.ph

8

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comprehensive cover


An additional component of the third party car insurance cover on your automobile. This portion of the cover includes damage or loss of car caused by an accident or theft. It also includes repair cost, replacement cost and transportation charges incurred owing to uninsured drivers.
Source: bankbazaar.ph

9

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compulsory third party liability(ctpl)


Insurance that is compulsory to have if you are a car owner or are driving a car in the Philippines. It covers liability to third-party in case of bodily injury, damage to property or death caused by your automobile.
Source: bankbazaar.ph

10

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discount


A reduction in your car insurance premium, provided your car meets the terms and conditions mentioned in the policy.
Source: bankbazaar.ph


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