Insurance Terms | Omaha Insurance FAQ

Insurance Terms You Need to Know in Omaha, NE | Insurance FAQ | All Lines  Insurance


 

Actual Cash Value | Omaha , NE

The current Omaha, NE market value of lost or damaged property at the time of a covered loss. For example, the value of a three-year-old car is based on the value of similar three-year-old cars selling on a used car lot. In a home insurance policy, actual cash value is the replacement cost of the property, less depreciation.

Additional Insured | Omaha, NE

An individual or organization covered by an insurance policy other than the named policyholder. In a car insurance policy, anyone who drives your car in Omaha, NE with your consent is an additional insured. In a home insurance policy, a mortgage company may be listed as an additional insured.

Additional Living Expense | Omaha, NE

If you are temporarily unable to live in your home in Omaha, NE because of a covered loss, this is any reasonable and necessary increase in living expenses you incur so your household can maintain its normal standard of living.

Insurance Appraisal | Omaha, NE

An evaluation by a Omaha, NE claims representative or appraiser to estimate the amount of damage to your property or vehicle, and the cost to repair the property or vehicle. In the worst-case scenario, a determination of a complete loss may be made.

Auto/Car Insurance | Omaha, NE

In Omaha, NE the exchange for the payment of a premium, an insurance company agrees to pay most or all of the reasonable costs associated with an accident or other damage to a vehicle.

Omaha, NE Basic Insurance | State Minimum Financial Responsibility Limit

The lowest coverage amount for which an insurance policy can be written, as prescribed by law or an insurance company in Omaha, NE.

Bodily Injury Insurance | Omaha, NE

Liability coverage for financial protection against injury to the body of a person that results from an accident where the insured is alleged to be legally responsible.

Catastrophe

A sudden, severe disaster that results in a large amount of damage and causes a high number of car and home insurance claims.

Claim

A request for payment or repair under an insurance contract due to a covered loss or accident.

Collision Insurance

This insurance covers a loss to your vehicle caused by an impact with another vehicle or object.

Comprehensive Coverage

This insurance protects against any loss or damage to your vehicle except those caused by collision or by upset (i.e., glass repair/replacement or coverage against fire or theft).

Compulsory Auto Financial Responsibility Laws

Laws which make it illegal to operate a vehicle without first establishing the ability to pay for a judgment that may result from an accident. In most instances, drivers are required to provide proof of insurance in the form of a card or other documentation.

Conditions

Provisions that set forth the rights, duties, and responsibilities of the parties to an insurance contract.

Covered Auto(s)

Any vehicle shown in the policy declarations or, in some cases, a substitute vehicle used temporarily because of breakdown or repair of your own covered vehicle.

Damages

A sum of money that a party is legally obligated to pay to another as compensation for property damage or injury.

Declarations

The part of the policy that provides detailed information about the policyholder, the insurer, and the various coverages provided by the policy.

Deductible

The amount of a claim that you agreed to pay at the time you purchased insurance. This amount is deducted from a claims payment.

Effective Date

The date that coverage begins under an insurance policy. An endorsement, which modifies coverage, may also have an effective date.

Endorsement

Attached to your policy to modify the terms of the insurance contract. It can amend your policy to cover unique items or circumstances and it can also represent a change to a policy that’s made during the policy's term.

Exclusion

Part of an insurance contract that excludes coverage of certain risks, persons, property, or locations.

Expiration Date

The end date of an insurance policy.

Fire Insurance

Part of a homeowner’s policy that insures against direct loss by fire, lightning, and other defined causes.

Glass Insurance

Coverage for accidental breakage to glass or vandalism.

Home Insurance

In exchange for the payment of a premium, an insurance company agrees to pay most or all of the reasonable costs associated with damage to a private residence. Can also cover the costs of damage or theft of the possessions therein.

Homeowner

A person who owns and does not rent their home from another.

Insured

A person or organization covered by an insurance policy.

Insureds

More than one person or organization covered by an insurance policy.

Insuring Agreements

The part or parts of an insurance policy that state the various coverages provided.

Insurance to Value

The amount of coverage provided by your policy compared with the replacement value of the property.

Hazard

Any situation or condition that increases the possibility or extent of a loss.

Liability Insurance

Covers losses up to your policy’s limit in the event of personal injury or property damage.

Life Insurance

In exchange for the payment of a premium, an insurance company agrees to pay out a sum of money either on the death of the insured or after a set period of time.

Limit of Liability

The maximum amount for covered losses available under your policy.

Loss

Physical damage covered by your insurance policy, the amount sought in a claim, or the amount paid on your behalf under an insurance contract. A partial loss is a loss that does not completely destroy your property.

Loss of Use

Compensation for losses you incur due to the inability to use your property or vehicle.

Medical Payments Insurance

In certain states, a coverage under which an insurer agrees to pay up to a specified limit for the usual and customary medical, surgical, hospital, and funeral expenses, regardless of liability.

Mortgage or Loss Payee Clause

A clause in your insurance policy that makes a claim jointly payable to you and your lender.

Named Insured

The person or persons named as insureds in the policy declarations. Additional persons or entities may also be added as additional named insureds under certain circumstances.

No-Fault Insurance/Personal Injury Protection (PIP)

In certain states, car accident victims are directly reimbursed for the reasonable and customary medical and hospital expenses and potential loss of income by their own insurance companies, regardless of who is at fault. PIP provides insurance that covers medical costs, loss of earnings, and funeral costs for occupants of your automobile. Some states require a basic amount of PIP; optional or extra coverage can be purchased.

Peril

The cause of a possible accident, loss, or claim.

Policy

A formal written contract of insurance. The policy includes your declarations and all endorsements.

Policyholder

The person (or persons) who agrees to pay a premium to an insurer in return for the insurer's promise to provide specified insurance protection.

Premium

The amount that you agree to pay for an insurance policy.

Property Damage

Damage to someone else's personal property resulting from an accident that may be covered by an insurance policy.

Property Insurance

Part of home, condominium or renters insurance covering physical loss or damage.

Renewal

A policy issued to replace one that has expired.

Rental Reimbursement

If your car is out of service due to a covered loss, rental coverage pays you back for money you spent on the rental car up to the specific limit you selected at the time you purchased your car insurance.

Replacement Cost

Coverage for the cost of replacing your car or property with new materials or materials of like kind and quality in the event of a covered loss.

Scheduled Property

Listing specific personal property for a stated policyholder value. This is usually considered for valuable items that are subject to limited coverage.

Subrogation

When money is paid for a loss caused by another person, the insurance company has the right to recover that money from the party that was legally at fault for the loss. The appropriate percentage of any deductible is repaid based on the amount recovered.

Total Loss

An accident or event that leaves your car or home unable to be repaired by insurance company standards.

Towing / Labor

When the cost of having your car towed or repaired is covered up to limits specified in your policy.

Uninsured or Underinsured Motorists Coverage

Provides protection in the event that damage is caused by a motorist who has no insurance or not enough insurance to cover the loss.

WHEN IS SR-22 REQUIRED In the State of Nebraska?

The Nebraska SR-22 financial responsibility Insurance form is required in the following situations:

  1. In Omaha Nebraska, if you have a license suspension for an accident, you need file a SR 22 from the date of license reinstatement.
  2. If you have any unsatisfied judgment suspensions in the Omaha metro and surrounding areas including:  Millard, NE | La Vista,NE | Elkhorn, NE | Bellevue, NE | Offutt Air Force Base | Papillion, NE | Ralston, NE | Downtown Omaha, NE | Bennington, NE | Valley, NE | Gretna, NE | South Omaha, NE | Dundee, NE | Benson, NE |Springfield, NE | Wahoo, NE | Mid Town Omaha | Sarpy County, NE | Douglas County,NE . For example, if a driver involved in an accident in the past has an unsatisfactory judgment entered against him then he or she needs to file the SR-22 from the date of license reinstatement.
  3. In case of revocations of license In Nebraska for accumulation of 12 or more points within 2 years. All Lines Insurance can help make sure SR 22 has been on file for 3 years from the eligible date of reinstatement.
  4. In the case of license suspension for no proof of insurance from a court conviction, you need to file the SR 22 for 3 years from the date of issue of the ticket.
  5. For individuals who have received license revocations from a court ordered conviction in Nebraska, SR 22 has to be in file for 3 years from the date of reinstatement.
  6. License suspensions due to a default in payment on a written agreement for damages or injuries reimbursement as a result of an accident, also requires the filing of SR 22 from the date of license reinstatement.
  7. You have to file the SR-22 till your employment drive permit expires in Nebraska.

FILING FOR THE SR-22

  1. Contact a state-authorized insurance agency to request for a SR-22 filing.
  2. Pay the correct processing fee to the agency. The fee amount may vary between agencies. You can request an insurance quote from our Nebraska auto insurance page and companies such as Esurance will allow you to request an SR-22 filing automatically.
  3. As per the State laws of Nebraska, the minimum amount of coverage should be $25,000 for one person injured in one accident, $50,000 for two or more persons injured in one accident and $25,000 for property damage in one accident.
  4. Upon receiving the request from the agent the central office then sends the SR-22 directly to the DMV in about 30 days.
  5. If accepted, you will receive the SR-22 from the agency along with a letter from the DMV.

FOR OUT OF STATE RESIDENTS

  1. Out- of-state SR 22 filings can be filed from the home office of the insurance company.
  2. Nebraska DMV requires a cover letter which authorizes the DMV to accept out-of-state filings.