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By: Arlette Measures
Glossary of Commercial Auto Insurance Terms Continued

Leased Vehicle

A car or truck rented under a long-term contract, or lease. The company leasing the vehicle retains ownership of the vehicle and is listed on the insurance policy as an insured party.


A legal obligation or responsibility for the injury or damage suffered by another person, and enforced by law.


Refers to the maximum amount of coverage purchased by the policyholder and is shown in the contract.


Any measurable loss, in dollars, of damage to a vehicle or other property, and/or injury suffered by a person. In the insurance world, this term is used interchangeably with the word, claim.

Medical Payments Coverage

This insurance reimburses the driver or passenger of an auto for medical or funeral expenses incurred as the result of an automobile accident. This is regardless of whether the accident was their fault. It also covers medical costs of pedestrians that you may have injured.


Making written or verbal statements that are false or misleading.

Motor Vehicle Report

This refers to a report from the division of motor vehicles indicating accidents and violations on your driving record, and to verify information provided by the potential policyholder.


The failure to exercise reasonable care that is typically expected in similar instances.

No-fault Insurance

This coverage, if you are in a no-fault state as determined by law, pays for medical expenses, lost wages, or other accident-related expenses regardless of who is responsible for the accident.


When an insurance company decides to not renew a policy at the end of its policy period.

Payment Recovery

If your car is damaged in an accident due to another driver’s fault, your insurer can recover the amount of your deductible and any insurance payments from the other party; also known as subrogation.

Personal Injury Protection

This coverage is part of a no-fault policy if you live in a no-fault state. It pays for medical treatment, lost wages, or other medical expenses related to the accident regardless of who caused the accident.


The premium is the cost of the insurance policy that is paid in monthly, quarterly, semi-annual or annual installments.


This term refers to the base rating units used to determine the final premium.


Consists of the review of an estimate or appraisal done by an adjuster to guarantee that the work required in the estimate or appraisal is being completed by the body shop.


This is a legal document indicating that all financial obligations from the past, present or future resulting from an accident or occurrence have been fulfilled.

Renewal policy

Coverage for a policy ends on the expiration date. A replacement policy will be issued on the same date (the renewal date) unless notification was sent advising that the policy would not be renewed.


Refers to the probability of a particular loss occurring.


Damaged property, such a vehicle declared a total loss from an accident, which is taken over by the insurance company after the claim is paid.

Third Party

This refers to an individual or other entity not party to an agreement but who may become involved in an indirect way or be affected by it.

Third Party Claim

Medical claims for injury, or damage to the property of a third party, which allegedly have been caused by the policyholder, constitute a third party claim.

Total Loss

This refers to condition of a vehicle or other property when the damage sustained is so great that repair costs would surpass the value of the vehicle or property.

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