What does pip mean in insurance terms?

The term pip refers to the amount that the insurance company will deduct from your invoice in order to pay for the covered losses. Also known as the premium, it is the price that you pay to have loss-incurred coverage.

What does PIP mean in English insurance?

PIP is short for “personal injury protection” and refers to the mandatory insurance that protects drivers in the United States, Canada, and various other countries. If you are injured while driving, your car insurance company may cover much of the cost of your medical bills and lost wages. This coverage is called PIP.

What does PIP mean in insurance terms UK?

PIP or Personal Injury Protection is a form of insurance designed to protect you if you suffer a financial loss as a result of an accident that was not your fault. This is usually referred to as a no-fault claim. It often includes compensation for medical expenses, lost wages and other expenses not covered by your basic auto insurance policy.

What does PIP mean in insurance terms?

PIP (personal injury protection) is a form of auto insurance coverage mandated by the state to provide paid benefits to policyholders who are injured in an accident. You can purchase PIP through your car insurance provider or through your employer. It pays for medical bills that are related to your injuries, replacement of your car if it is damaged, and other expenses.

What does pip mean in English?

PIP is an acronym for Personal Insurance Product. It refers to the policies provided by insurers to protect you from financial loss when you sustain bodily injury or property damage, for example, in an accident. PIP pays for medical expenses and losses that are directly related to your injury. It usually does not include other expenses, such as costs that aren’t directly associated with your medical bills, such as moving expenses or lost wages.