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Wisconsin Car InsuranceHelpful links and resources for finding car insurance in Wisconsin. Wisconsin Insurance Directory; We're here to help you find insurance in Wisconsin. |
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Insurance Information
Family Purpose Doctrine
Concept that imputes negligence committed by immediate family members while operating a family car to the owner of the car
Farmowners-Ranchowners Policy
A package policy for a farm or a ranch, providing property and liability coverages against personal and business losses.
Federal Crime Insurance
Insurance against burglary, larceny, and robbery losses offered by the federal government where the Federal Insurance Administration has determined that an insurance availability problem exists.
Federal Crop Insurance
Comprehensive coverage at rates subsidized by the federal government for unavoidable crop losses, including those that result from hail, wind, excessive rain, drought, freezes, plant disease, snow, floods, and earthquake.
Federal Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Fiduciary
A person holding the funds or property of another in a position of trust, and who is obligated to act in a prudent and ethical manner. An example would be an attorney, bank trustee, the executor of an estate, etc.
File and Use
Regulatory rule whereby the insurer must have rates, rules, and/or forms on file with a department of insurance prior to implementing them.
Financial Responsibility Law
A state law which may require motorists (the insured) to furnish evidence, either before or after involvement in an auto accident (depending on the individual state's law), of ability to pay for damages up to certain minimum dollar limits. These requirements commonly are met by carrying auto liability insurance with specified minimum limits or more.
Fire
A combustion accompanied by a flame or glow, which escapes its normal confines to cause damage.
Fire Insurance
Coverage for losses caused by fire and lightning, plus resultant damage caused by smoke and water.
First Party Coverage
An insurance coverage under which the policyholder collects compensation for losses from the insured's own insurer rather than from the insurer of the person who caused the accident.
Flat Cancel
Cancellation of an insurance contract as of its date of inception, without premium charge.
Floaters
Insurance policies that cover property that can be moved from one location to another for both transportation perils and perils affecting property at a fixed location.
Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Foreign Insurer
An insurance company licensed to operate in a state but has its home office in another state.
Franchise Insurance
Insurance under individual contracts issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premiums and remit them to the insurer. The insurer usually agrees to waive its right to discontinue or modify any individual policy, unless its simultaneously discontinues or modifies all other policies in the same group.
Fraternal Insurance
A cooperative type of insurance provided by social organizations, such as members of a lodge or a fraternal order, for their members.
Fronting Company
An insurer that issues policies with the intention of transferring most of the insured exposure through reinsurance or other means to unauthorized insurers or reinsurers or captive insurers. This fronting insurer assumes little or no loss exposure; instead, financial arrangements are made to guarantee claims administration and payments. The fronting insurer is usually paid a percentage of the premium.
Family Purpose Doctrine
Concept that imputes negligence committed by immediate family members while operating a family car to the owner of the car
Farmowners-Ranchowners Policy
A package policy for a farm or a ranch, providing property and liability coverages against personal and business losses.
Federal Crime Insurance
Insurance against burglary, larceny, and robbery losses offered by the federal government where the Federal Insurance Administration has determined that an insurance availability problem exists.
Federal Crop Insurance
Comprehensive coverage at rates subsidized by the federal government for unavoidable crop losses, including those that result from hail, wind, excessive rain, drought, freezes, plant disease, snow, floods, and earthquake.
Federal Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Fiduciary
A person holding the funds or property of another in a position of trust, and who is obligated to act in a prudent and ethical manner. An example would be an attorney, bank trustee, the executor of an estate, etc.
File and Use
Regulatory rule whereby the insurer must have rates, rules, and/or forms on file with a department of insurance prior to implementing them.
Financial Responsibility Law
A state law which may require motorists (the insured) to furnish evidence, either before or after involvement in an auto accident (depending on the individual state's law), of ability to pay for damages up to certain minimum dollar limits. These requirements commonly are met by carrying auto liability insurance with specified minimum limits or more.
Fire
A combustion accompanied by a flame or glow, which escapes its normal confines to cause damage.
Fire Insurance
Coverage for losses caused by fire and lightning, plus resultant damage caused by smoke and water.
First Party Coverage
An insurance coverage under which the policyholder collects compensation for losses from the insured's own insurer rather than from the insurer of the person who caused the accident.
Flat Cancel
Cancellation of an insurance contract as of its date of inception, without premium charge.
Floaters
Insurance policies that cover property that can be moved from one location to another for both transportation perils and perils affecting property at a fixed location.
Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Foreign Insurer
An insurance company licensed to operate in a state but has its home office in another state.
Franchise Insurance
Insurance under individual contracts issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premiums and remit them to the insurer. The insurer usually agrees to waive its right to discontinue or modify any individual policy, unless its simultaneously discontinues or modifies all other policies in the same group.
Fraternal Insurance
A cooperative type of insurance provided by social organizations, such as members of a lodge or a fraternal order, for their members.
Fronting Company
An insurer that issues policies with the intention of transferring most of the insured exposure through reinsurance or other means to unauthorized insurers or reinsurers or captive insurers. This fronting insurer assumes little or no loss exposure; instead, financial arrangements are made to guarantee claims administration and payments. The fronting insurer is usually paid a percentage of the premium.
Insurance Information
Earned Premium
That portion of the premium which represents coverage already provided. Each day that an insurance policy is in force represents a day of earned premium.
Economic Loss
The estimated total cost, both insured and uninsured, of mishaps (such as motor vehicle accidents, work accidents, and fires); includes such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs.
Effective Date
The date in which insurance protection begins under a policy.
Electronic Funds Transfer
A method of collecting policy premium electronically from the policy holder's bank account.
Elements of a Negligent Act
Four elements an injured person must show to prove negligence - existence of a legal duty to use reasonable care, failure to perform that duty, damages or injury to the claimant, and proximate cause relationship between the negligent act and the infliction of damages.
Escheatable
Property that has reverted back to the state when no legal heirs or claimants exist. An example is a customer refund check that is undeliverable or unredeemed.
Estate
The assets and liabilities of a person left at death. Extent and nature of one's interest in land; the assets constituting a descendent's property at the time of death; the assets of a debtor in bankruptcy proceedings.
Estoppel
Legal doctrine that prevents a person from denyng the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made.
Exclusion
Specified conditions or circumstances, listed in the policy, for which the policy will not provide benefits.
Exclusive Agent
An agent who is employed by one and only one insurance company and who solicits business exclusively for that company.
Expense Ratio
The ratio of a company's operating expenses to premiums.
Experience
A term used to describe the relationship, usually expressed as a percent or ratio, of premium to claims for a plan, coverage, or benefits for a stated time period.
Experience Letter
Letter requested by an insured that documents their loss history with us.
Extended Coverage Insurance
Protection for the insured against property damage caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft. This is provided in conjunction with the fire insurance policy and the various "package" policies.
External Sources
Third Party providers that have personal data on record such as name and address.
Earned Premium
That portion of the premium which represents coverage already provided. Each day that an insurance policy is in force represents a day of earned premium.
Economic Loss
The estimated total cost, both insured and uninsured, of mishaps (such as motor vehicle accidents, work accidents, and fires); includes such factors as property damage, funeral expenses, wage loss, insurance administration costs, and medical, hospital and legal costs.
Effective Date
The date in which insurance protection begins under a policy.
Electronic Funds Transfer
A method of collecting policy premium electronically from the policy holder's bank account.
Elements of a Negligent Act
Four elements an injured person must show to prove negligence - existence of a legal duty to use reasonable care, failure to perform that duty, damages or injury to the claimant, and proximate cause relationship between the negligent act and the infliction of damages.
Escheatable
Property that has reverted back to the state when no legal heirs or claimants exist. An example is a customer refund check that is undeliverable or unredeemed.
Estate
The assets and liabilities of a person left at death. Extent and nature of one's interest in land; the assets constituting a descendent's property at the time of death; the assets of a debtor in bankruptcy proceedings.
Estoppel
Legal doctrine that prevents a person from denyng the truth of a previous representation of fact, especially when such representation has been relied on by the one to whom the statement was made.
Exclusion
Specified conditions or circumstances, listed in the policy, for which the policy will not provide benefits.
Exclusive Agent
An agent who is employed by one and only one insurance company and who solicits business exclusively for that company.
Expense Ratio
The ratio of a company's operating expenses to premiums.
Experience
A term used to describe the relationship, usually expressed as a percent or ratio, of premium to claims for a plan, coverage, or benefits for a stated time period.
Experience Letter
Letter requested by an insured that documents their loss history with us.
Extended Coverage Insurance
Protection for the insured against property damage caused by windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft. This is provided in conjunction with the fire insurance policy and the various "package" policies.
External Sources
Third Party providers that have personal data on record such as name and address.
Insurance Information (cont'd)
Rate
The pricing factor upon which the insurance buyer's premium is based.
Rated Policy
Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.
Ratemaking
The statistical process by which insurers determine risks and pricing for the basic classes of insurance.
Rating Territory
A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory.
Reasonable and Customary Charge
A charge for health care, which is consistent with the going rate or charge in a certain geographical area for identical or similar services.
Rebating
Giving any valuable consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law.
Recurring Claim Provision
A provision in some health insurance policies which specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.
Recurring Clause
A provision in some health insurance policies, which specifies a period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement.
Reduced Paid-up Insurance
A form of insurance available as a nonforfeiture option. It provides for continuation of the original insurance plan, but for a reduced amount.
Regulation
Supervision of business practices by a governmental entity.
Rehabilitation
(1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
Reimbursement
The payment of the expenses actually incurred as a result of an accident or sickness, but not to exceed any amount specified in the policy.
Reinstatement
The resumption of coverage under a policy which has lapsed.
Reinsurance
Assumption by one insurance company of all or part of a risk undertaken by another insurance company.
Reinsurance Facility
An alternative mechanism to service those insureds that cannot obtain insurance in the voluntary market. Premiums and losses for the business that is ceded to the facility are pooled and all insurers share according to their proportion of the voluntary market.
Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.
Renewal
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term.
Renter's Policy
A package type of insurance that includes coverage similar to a homeowners policy to cover the personal property of a renter or tenant in a building.
Replacement
The substitution of health insurance coverage from one policy contract to another.
Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
Replacement ratio
The percentage of income before retirement that is required to be replaced to maintain the same standard of living after retirement.
Representation
Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.
Rescission
Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance. The action of rescission must take place within the contestable period or Time Limit on Certain Defenses but takes effect as of the date of issue of the policy, thus voiding the contract from its inception.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
(1) An amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
Residual Disability
A period of partial disability that immediately follows a period of total disability. Benefits for residual disability are paid on a pro-rata basis, depending on the percentage of earnings loss.
Residual Disability Benefits
A provision in an insurance policy that provides benefits in proportion to a reduction of earnings as a result of disability, as opposed to the inability to work full-time.
Residual Market
A system through which insurance is made available to buyers that represent unusually high risks.
Retention
The net amount of risk retained by an insurance company for its own account or that of specified others, and not reinsured.
Retrocession
The process by which a reinsurer obtains reinsurance from another company.
Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance.
Retrospective Rating
Rating procedure which allows adjustment of an insured's final rate on the basis of the insured's own loss experience.
Revocable Trust
A trust that can be terminated or revoked by its creator.
Rider
A special policy provision or group of provisions that may be added to a policy to expand or limit the benefits otherwise payable.
Right of Survivorship
At the death of one co-owner of property, that person's interest in the property automatically passes to the surviving joint tenant or tenants.
Risk
The chance of loss. Also used to refer to the insured or to property covered by a policy. A term used to refer to a person or the peril insured.
Risk Classification
The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (e.g., age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See - Underwriting)
Risk Control
Any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.
Risk Retention Group
An alternative form of insurance in which members of a similar profession or business band together to self insure their risks.
Robbery
The taking of property from a person by force or threat of violence.
Rollover
Transfer of IRA or other qualified pension funds from one financial institution (trustee) to another.
Rate
The pricing factor upon which the insurance buyer's premium is based.
Rated Policy
Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.
Ratemaking
The statistical process by which insurers determine risks and pricing for the basic classes of insurance.
Rating Territory
A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory.
Reasonable and Customary Charge
A charge for health care, which is consistent with the going rate or charge in a certain geographical area for identical or similar services.
Rebating
Giving any valuable consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law.
Recurring Claim Provision
A provision in some health insurance policies which specifies a length of time during which the recurrence of a condition is considered to be a continuation of a previous period of disability or hospital confinement.
Recurring Clause
A provision in some health insurance policies, which specifies a period of time during which the recurrence of a condition is considered a continuation of a prior period of disability or hospital confinement.
Reduced Paid-up Insurance
A form of insurance available as a nonforfeiture option. It provides for continuation of the original insurance plan, but for a reduced amount.
Regulation
Supervision of business practices by a governmental entity.
Rehabilitation
(1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
Reimbursement
The payment of the expenses actually incurred as a result of an accident or sickness, but not to exceed any amount specified in the policy.
Reinstatement
The resumption of coverage under a policy which has lapsed.
Reinsurance
Assumption by one insurance company of all or part of a risk undertaken by another insurance company.
Reinsurance Facility
An alternative mechanism to service those insureds that cannot obtain insurance in the voluntary market. Premiums and losses for the business that is ceded to the facility are pooled and all insurers share according to their proportion of the voluntary market.
Renewable Term Insurance
Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.
Renewal
Continuance of coverage under a policy beyond its original term by the insurer's acceptance of the premium for a new policy term.
Renter's Policy
A package type of insurance that includes coverage similar to a homeowners policy to cover the personal property of a renter or tenant in a building.
Replacement
The substitution of health insurance coverage from one policy contract to another.
Replacement Cost
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
Replacement ratio
The percentage of income before retirement that is required to be replaced to maintain the same standard of living after retirement.
Representation
Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.
Rescission
Termination of an insurance contract by the insurer on the grounds of material misstatement on the application for insurance. The action of rescission must take place within the contestable period or Time Limit on Certain Defenses but takes effect as of the date of issue of the policy, thus voiding the contract from its inception.
Reservation of Rights
An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
Reserve
(1) An amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
Residual Disability
A period of partial disability that immediately follows a period of total disability. Benefits for residual disability are paid on a pro-rata basis, depending on the percentage of earnings loss.
Residual Disability Benefits
A provision in an insurance policy that provides benefits in proportion to a reduction of earnings as a result of disability, as opposed to the inability to work full-time.
Residual Market
A system through which insurance is made available to buyers that represent unusually high risks.
Retention
The net amount of risk retained by an insurance company for its own account or that of specified others, and not reinsured.
Retrocession
The process by which a reinsurer obtains reinsurance from another company.
Retrospective Date
The first date for which claims will be paid under a claims-made policy of liability insurance.
Retrospective Rating
Rating procedure which allows adjustment of an insured's final rate on the basis of the insured's own loss experience.
Revocable Trust
A trust that can be terminated or revoked by its creator.
Rider
A special policy provision or group of provisions that may be added to a policy to expand or limit the benefits otherwise payable.
Right of Survivorship
At the death of one co-owner of property, that person's interest in the property automatically passes to the surviving joint tenant or tenants.
Risk
The chance of loss. Also used to refer to the insured or to property covered by a policy. A term used to refer to a person or the peril insured.
Risk Classification
The process by which a company decides how its premium rates for life insurance should differ according to the risk characteristics of individuals insured (e.g., age, occupation, sex, state of health) and then applies the resulting rules to individual applications. (See - Underwriting)
Risk Control
Any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.
Risk Retention Group
An alternative form of insurance in which members of a similar profession or business band together to self insure their risks.
Robbery
The taking of property from a person by force or threat of violence.
Rollover
Transfer of IRA or other qualified pension funds from one financial institution (trustee) to another.