What is the Definition of Generic Auto Parts?

What is the Definition of Generic Auto Parts?

Auto crash parts produced by firms that are not associated with car manufacturers. Insurers consider these parts, when certified, at least as good as those that come from the  original equipment manufacturer (OEM). They are often cheaper than the identical part produced by the OEM. (See Crash parts; Aftermarket parts; Competitive replacement parts; Original equipment manufacturer  parts/OEM)

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 Annuity?

What is the Definition of Generic Auto Parts?

What is the Definition of Generic Auto Parts?

You can find random definition and meaning of insurance terms below:

Meaning of Nonadmitted Insurer in Insurance Terms

Insurers licensed in some states, but not others. States where an insurer is not licensed call that insurer nonadmitted. They sell coverage that is unavailable from licensed insurers within the state.

Meaning of Noncancellable  And Guaranteed Renewable Policy in Insurance Terms

An individual health insurance policy, which stipulates that, until the  insured reaches a specified age (usually age 65), the insurer will not cancel the coverage, increase the premiums, or change the policy provisions as long as the premiums are paid when due. Also known as noncancellable policy. Contrast with Guaranteed renewable policy.

Meaning of Nonforfeiture Options in Insurance Terms

The various ways in which a contract owner may apply the cash surrender value of an insurance or an annuity contract if the contract lapses. In the United States, the typical nonforfeiture options for life insurance are the cash payment option, the extended term insurance option and the reduced paid-up insurance option. (See Cash payment option; Cash surrender value; Extended term insurance option; Reduced paid-up insurance option)

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