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Insurance Lingo
Actual Cash Value
The cost to replace property minus the amount it has decrease in value since the original purchase date.
Benefit
The amount an insurance company pays to you or your beneficiary when you file a claim.
Bodily Injury Liability
Bodily Injury Liability pays the medical expenses for other peoples injuries caused by the insured driver/policyholder who was at fault.
Claim
A claim is a policyholder's request for reimbursement of a loss covered by their insurance policy.
Collision
This insurance applies only to the policyholder’s car and covers damage to the car from any collision, either with another car, a light post, parking curb, garage wall, etc.  
You can add optional coverage for any damage resulting from colliding with another object (a wall, a pothole, etc.).
Comprehensive
The price of this insurance is determined by the risk of loss and the car’s value at the time of the loss.  Comprehensive covers damages to the policyholder's car that doesn't involve hitting another car (hail damage, fire, vandalism, damage from hitting an animal, falling objects, earthquake, flood, theft, riot and civil commotion).
Deductible
A Deductible is your out-of-pocket expense that you agree to pay in the event of an accident. If you can afford a higher deductible on collision and comprehensive coverage, you can substantially lower your costs.
Endorsements
Endorsements are changes to the original insurance contract, such as a different deductible or an additional car or driver.
Exclusions
Exclusions are circumstances that are not covered by a given insurance policy and re listed on your insurance policy.
Extraordinary Medical Coverage
Extraordinary Medical Coverage protects you if you suffer accident-related injuries that require serious and/or long-term medical care.  This coverage begins after you have exhausted the limit on your standard medical benefits coverage.
Full Coverage
Full Coverage shows that you have fulfilled the minimum coverage for your state of residence.
Financial Responsibility Law
Financial Responsibility Law refers to the law that requires motorists to have auto insurance.  Some states allow a bond or cash deposit as a confirmation of the ability to pay losses to others from the result of an accident.  In 47 states and the District of Columbia, it is illegal to operate a vehicle without obtaining proof of insurance.
Income Loss Coverage
Income Loss Coverage protects your income if you are unable to work due to accident-related injuries.
Indemnity
Indemnity is a predetermined sum paid for a covered loss.
Limits
The maximum amount of money your insurance company will pay out for your losses.  There are required minimums in many states.
Medical Payments or Personal Injury Protection (PIP)
This covers the medical treatment for the driver and passengers of the policyholder’s vehicle.  Personal Injury Protection provides an umbrella of protection for medical costs, lost wages, loss of necessary services provided by the injured person (babysitter, housekeeper), and funeral costs.  This protection may also extend to the policyholder if they are hit by a car while on foot.
Monetary Threshold
In some "no-fault" states, a dollar amount for medical and rehab expenses that must be reached in order to file a lawsuit for damages for non-economic damages (i.e. pain and suffering) against the driver who caused the accident. For example, under Colorado's old no-fault law, you could sue for pain and suffering if you racked up $2500 in medical expenses (nullifying the no-fault law).
No-Fault Insurance
Not all states have “no-fault” auto insurance laws.  However, no-fault policies will not require that someone is assigned the blame for an accident for the policyholder to receive their compensation.  In most cases, motorists can only sue if they have suffered sever injuries and for pain and suffering that meets certain conditions.  
Property Damage Liability Property Damage Liability covers damages the policyholder causes to someone else's property.  In most cases it is a car, but it could also be something else like a garage door, building, or gate.
Rate
A Rate is the cost of a unit of insurance (usually $1,000 worth).  Since insurance is calculated by history of loss and risk, auto insurance rate is based on past experience by that company with drivers of the same age, sex, marital status, driving record and similar make and model of car.
SR-22
SR-22 is a document that shows proof of financial responsibility in the case of a traffic violation.
Tort
Tort is a legal term that illustrates someone is legally responsible for committing a wrongful act that resulted in damage or injury to another person or damaging his/her property.  
Uninsured/Underinsured Motorist Coverage
Uninsured or Underinsured Motorist Coverage pays (up to the coverage limit) damages for the insured person and other passengers in the vehicle when they are injured in an accident caused by an uninsured or underinsured driver or a hit- and-run.  This coverage pays for treatment and/or property damages of the policyholder.