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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Automobile Liability Insurance


Synonyms:accident protection, coverage, safeguard
Filed Under: automotive, insurance
Tags: accident insurance, automotive, insurance, liability insurance
 

Definition of automobile liability insurance

automobile liability insurance
1. Insurance purchased for road vehicles which provides financial protection against any damages caused in traffic collisions. Also known as auto insurance, vehicle insurance, car insurance, or motor insurance.

Related Terms and Acronyms:

  • collision insurance   Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
  • coverage   The type or amount of protection afforded by an insurance policy.
  • high risk auto insurance   Auto insurance for drivers with an increased risk of collisions.
  • liability   A situation where one party is found to be legally responsible for something.
  • liability insurance   Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • loss payable clause   An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
  • personal lines   Property and/or casualty insurance policies of individuals or whole families.
  • preferred auto   Auto insurance for those with better driving records.
  • private-passenger auto insurance policyholder risk profile   A system for sorting drivers by their driving records and how likely they are to cause a loss for an insurance company.
  • subrogation   When an insurance company has the right to take legal action against a third party for damages.

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