What is the Definition of Car Year?
Equal to 365 days of insured coverage for a single vehicle. It is the standard measurement for automobile insurance.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Car Year?
Check out other definition of insurance terms below:
What is the Meaning of FLOATER In Insurance Terms?
Attached to a homeowners policy, a floater insures movable property, covering losses wherever they may occur. Among the items often insured with a floater are expensive jewelry, musical instruments and furs. It provides broader coverage than a regular homeowners policy for these items.
What is the Meaning of FLOOD INSURANCE In Insurance Terms?
Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy. (See Adverse selection)
What is the Meaning of FORCED PLACE INSURANCE In Insurance Terms?
Insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.
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