What does ot stand for in insurance?
What does ot stand for in insurance?
Other Party or Other Person OT – Other Party or Other Person. OTC – Other Than Collision.
What is ded non ded?
With a no-deductible car insurance policy, you do not pay out of pocket if you have a claim. When you have a deductible, you must pay that amount, often $500 or $1000, before your insurance company pays the rest of your costs. By Car and Driver Research. Apr 6, 2021
Is a $0 deductible good?
Is a zero-deductible plan good? A plan without a deductible usually provides good coverage and is a smart choice for those who expect to need expensive medical care or ongoing medical treatment. Choosing health insurance with no deductible usually means paying higher monthly costs. Feb 14, 2022
Is it better to have a $500 deductible or $1000?
A $1,000 deductible is better than a $500 deductible if you can afford the increased out-of-pocket cost in the event of an accident, because a higher deductible means you’ll pay lower premiums. Choosing an insurance deductible depends on the size of your emergency fund and how much you can afford for monthly premiums. Jan 26, 2022
Do you get deductible back?
Your insurance company will pay for your damages, minus your deductible. Don’t worry — if the claim is settled and it’s determined you weren’t at fault for the accident, you’ll get your deductible back.
Can my son drive my car if he is not insured Geico?
The answer to whether insurance follows the car or the driver isn’t going to be universally the same for every driver. As long as a driver has the vehicle owner’s permission to operate the vehicle, the owner’s policy will provide coverage no matter who the driver is.
What happens when you let someone else drive your car?
If you let someone else drive your car and they get in an accident, your insurance company would likely be responsible for paying the claim, depending on the coverages in your policy. The claim would go on your insurance record and could affect your car insurance rates in the future.
What does permissive use mean?
Permissive use refers to a driver who is covered by name on a car insurance policy. If someone who is driving your car isn’t listed or included in a category of coverage on your policy, they will not be covered if they get into an accident. Oct 14, 2021
Who is not covered under a business auto policy?
Employer’s Liability Your auto policy excludes claims by employees against your business for injuries sustained on the job. Such claims are excluded because they are covered by the Employers Liability section of your workers compensation policy. The employers liability exclusion contains two exceptions. Sep 17, 2020
Which of the following claims would be excluded under the business auto policy?
Which of the following claims would be excluded under the Business Auto Policy? Damage to property in the insured’s care, custody, or control is excluded under the BAP.
Who is an insured under a business auto policy?
Your employees are insureds while driving autos you own, hire, or borrow if such vehicles are covered autos (Borrowed vehicles are covered as hired autos.). That is, employees are covered while driving vehicles you own or hire as long as you have purchased liability coverage for autos you own or hire. Oct 1, 2019
Which of the following losses would be covered by section 3 of a BAP?
While windstorm is a covered peril under the specified causes of loss of the BAP, under Section III (garagekeepers coverage) the Garage policy these causes of loss include only fire, lightning, explosion, theft, mischief, and vandalism.
Which would be covered under the business auto coverage form?
The business auto coverage form includes two types of coverage: auto liability and physical damage. Additional forms of coverage may also be added by using so-called “broadening endorsements,” which are a type of coverage enhancement that can be added to an insurance contract.
What is the limit of insurance provision in a business auto policy?
Many insurers recommend a business auto coverage limit of $1,000,000, with $500,000 as the minimum. The higher limit does not add a great deal to the premium, considering the amount of additional protection it provides.
What are the 2 major Sublines in a CGL policy?
There are two major sublines: One is a broad premises/operations subline and the other subline is for products and completed operations. The CGL program is very flexible.
