Auto & Homeowner's Insurance Glossary

Definitions offered in this section are meant to provide generic insurance information to consumers. They are not complete descriptions of all terms, exclusions and conditions applicable to the products and services offered by Electric Insurance. The terms and conditions of the policies issued are controlling in all cases. Product availability varies by state.

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	Safe Driver Insurance Plan	To encourage safe driving-and penalize unsafe drivers-most states assign "points" to traffic violations and certain accidents. Each point adds a percentage surcharge to your insurance policy. Specific surcharge guidelines vary by state.
	Scheduled Personal Property	Personal belongings that are worth more than the limits of liability set in your policy, such as jewelry, furs, silverware, etc., can be insured by adding this special endorsement.
	Single Limit Liability	Insurance policies covering both bodily injury and property damage can be limited in two ways. A single limit liability has one limit for both injury and property damage combined. For example, if a policy had a $60,000 liability limit, the maximum amount the policy would pay for the total injury and property damage would be $60,000.
	Sinkhole Collapse	A special form of earth movement, covered by some homeowner's insurance, referring to the sudden collapse or sinking of land into empty, underground spaces eroded by water.
	Split Limit Liability	A split limit liability policy has separate limits per person and per accident for bodily injury, and a per accident limit for property damage.
	Stacked/Non-Stacked Uninsured/Underinsured Motorist	When Stacked Uninsured/Underinsured coverage is selected, the limits of coverage available for Uninsured Motorists Coverage are the sum of limits for each motor vehicle insured under the policy. For Non-Stacked Uninsured/Underinsured coverage, the maximum limit of liability for each covered accident is the limit of liability shown in the Declarations Page, regardless of the number of vehicles or premiums shown in the Declarations Page.
	Standard/Conversion Underinsured Motorist	Standard Underinsured Coverage (UIM) coverage is usually reduced by amounts paid by workers' compensation, or by or on behalf of the person at fault. Conversion Underinsured Motorist (UIMC) is not reduced by payments from any source. Both Standard (UIM) and Conversion (UIMC) coverages only become available after the liability insurance of the at-fault person has been fully paid. Not available in all states.
	Stated Amount	In your policy, you may choose to cover certain items for a specific amount. In the event of loss, the insurer pays the stated amount regardless of the property's actual value. If, for example, you insured a painting for a stated amount of $15,000, in the event of theft you would recover the $15,000 (minus your deductible), even if the painting had accrued value after the policy had been signed.
	Substitute Transportation	An accident shouldn't leave you stranded without transportation. Substitute Transportation coverage helps pay for the cost of a rental vehicle while yours is being repaired. In most states, coverage options range from $20/day up to $50/day. This coverage is optional. When you carry physical damage coverage for theft, you may be entitled to reimbursement of substitute transportation expenses if your car is stolen, even if you don't carry Substitute Transportation Coverage. Also called Transportation Expense Coverage or Rental Reimbursement.