· Resources: Insurance Terms Glossary

     A - E  |  F - J  |  K - O  |  P - T  |  U - Z
     K

     L

     Lapse in Coverage/Policy Lapse - A point in time when a policy has been canceled or terminated for failure to pay the premium, or when the policy contract is void for other reasons.

     Lendor/Lessor - Your lender is the institution to which you make car payments. Your lessor is the institution to which you make your lease payments.

     Loss Payee/Lien Holder - A person or entity with a legally secured insurable interest in another's property, usually a financial institution that loaned money to buy a car. The car is the loan collateral. If the auto is damaged in an accident, loss payments will be made to you and to the loss payee on your policy.

     M

     Managed Care - a health care system under which physicians, hospitals, and other health care professionals are organized into a group or “network” in order to manage the cost, quality and access to health care. Managed care organizations include Preferred Provider Organizations (PPOs) and Health Maintenance Organizations (HMOs).

     Medical Payments - This pays for medical and funeral expenses incurred in an auto accident, regardless of fault. It will also cover injuries sustained by passengers in your car, or while you're operating someone else's car (with their permission), in addition to injuries you or your family members incur when you're pedestrians.

     Multi-car Discount - A discount offered by some insurance companies for those with more than one vehicle insured on the same policy. In some cases, if you drive a company car insured by your company, your own insurance company may give you the multi-car discount.

     MVR - Motor Vehicle Record - A motor vehicle record, also referred to as DL printout, or MVR, contains information obtained from an individual's driver license application, abstracts of convictions and accidents.

     N

     O

     BACK TO TOP