Glossary
- Accident
An unexpected event that ends up causing harm to people and/or damage to their property.
An unplanned event that ends up causing harm to people and/or property.
- At-fault accident
When you’re considered responsible for an accident you’re involved in.
- Attendant
A caregiver who helps an injured person get through the tasks of their daily routine.
- Catastrophic injury
An extremely serious injury that can end up as a permanent disability or long-lasting medical condition that fundamentally changes someone’s life.
- Civil liability
Your financial responsibilities when your actions cause harm to someone and/or damage to their property.
- Claim
A formal request to an insurance company to be compensated for an injury or loss.
- Collision
When a vehicle strikes another vehicle or object.
- Deductible
A specific sum deducted from a loss that you need to assume. This is figured out when you buy your policy.
- Dependant
Someone, often a family member, who depends on another person for financial support.
- Depreciation
When something goes down in value because of wear and tear, age, or by becoming obsolete.
- Endorsement
An addition, exclusion or modification made to your standard insurance policy.
- Intermediary
An individual between an insurance company and a consumer.
- Liability
Your financial responsibilities when your actions cause harm to someone and/or their property.
- One-way coverage
Standard coverage that is required by law, such as Liability and Direct Compensation Property Damage (DCPD).
This is having Civil Liability Coverage
- Partial loss
When a car is damaged but not completely destroyed.
- Policy
A binding contract that outlines all the coverage you’re getting from an insurance company.
- Premium
The amount you pay to an insurance company for your coverage.
- Risk
An unexpected event that can cause injury or loss.
- Settlement
What an insurance company pays out for your covered claim.
- Third-Party liability
This covers you if your car hurts someone and/or damages their property.
- Total loss
When something is damaged beyond use or repair.
- Underwriter
A person who looks at all your situation, evaluates your risks and calculates your premium.
- Waiver
Something you sign to surrender one of your rights.