Car Insurance Jargon
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Waiver - An agreement attached to the policy and
accepted by the insured, to eliminate a specified pre-existing
physical condition or specified hazard.
Waiver of premium - A provision that sets certain
conditions under which an insurance policy will be kept
in full force by the company without the payment of premiums.
Write-Off - When the insurance company decides it
is uneconomical to repair your car following an accident,
theft , or when your car is stolen and recovered and either
it is impossible to repair; it isn't safe to repair; it
is not economical to repair your car.
Written premiums - The total premiums on all policies
written by an insurer during a specified period of time.
