Rabbit Finance encourages all users to understand the meaning of terms which are commonly used in the automobile insurance industry throughly
‘Accident insurance’ is an insurance that covers for the individual asset, liability, or responsibilities to third parties for the loss, and personal insurance against accidents.
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‘Arrest’ means capturing, imprisoning and temporizing (or detained), which is an act in violation of law that leads to the arrest as a result.
‘Benefit’ is an amount of money or service that one will receive from the insurance.
The ‘beneficiary’ is a person who will receive compensation or receive the amount of money stated on the contract.
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‘Additional equipment’ is additional car equipment or accessory that one installed in order to have a decorative extension, which the insurance may not cover in such cases if an accident occurs.
Car insurance type 3
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‘Catastrophe’ is a serious disruption of the operation of a community or society as a consequence of natural disasters or human-caused.
Casualty insurance policy’ is a document that the insured will receive after the implementation of the insurance contract.
A crash is a collision of two objects.
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The damage caused by an earthquake is a harm caused by vibration due to an earthquake which is different from fire damage that is also caused by the earthquake.
‘The damage caused by an impact’ is a damage that occurs when the two objects hit each other so hard that they causes damages.
‘Damage’ means when the object that was destroyed has been hit again until the impact caused the deterioration as a result of other object or human doing.
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What's the excess insurance money beyond the normal circumstance
An ‘Endorsement’ is a form of additional coverage that the insurance company or the insurer offer to the insured.
‘Excess and deductible’ are excess costs that the insured is self-responsible for any damage that occurs each time
‘Force majeure’ is caused by the nature which mankind cannot foresee, and have no relevance to humans such as floods, tornadoes, earthquakes, and so on.
‘Flood insurance’ is a insurance coverage for incidents that caused by flood.
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A ‘Group discounts’ is a discount that the insured would receive when insuring several cars at the same time. Usually, it would require at least three cars and all drivers must use the same surname which they may be related as parents, sibling, uncle, aunts, etc.
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Miscellaneous Insurance Cover
‘Non-Life Insurance’ is an insurance contract that the insurer agrees to indemnify for the damage or compensation in the event of damage occurred with the insured.
‘Policy schedule’ is a table that gives details on the protection of a car insurance for customers to understand it thoroughly.
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‘Sabotage’ is a malevolent actions to hinder the implementation of trade and services normally, or defer the communication; such actions must not be an act of the insured.
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‘The principal use’ is the application of automobiles in a way that looks as a man has adopted and is essentially covered under the insurance policy.
‘Terms’ of an agreement are any conditions that the assured has agreed with the insurance company on the day of the contract.
‘Cancelling the insurance policy’ means the cancellation or termination of the contract in the part about the insurance contract that are listed with the insurance company.
‘Term insurance’ is a certain period of time starting from the day that an insurance policy is active and provides coverage until the last day of the coverage.
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VIN or vehicle identification number is a serial number that identifies the specific car.
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