Are you familiar with the Car Insurance Policy lingo? Check the glossary below to get yourself familiar with the auto insurance terms.

Here's a glossary of commonly used auto policy terms.

Actual Cash Value - The cost to replace property minus the amount it has depreciated since the original purchase date.

Benefit - The amount an insurance company pays to you or your beneficiary when you file a claim.

Bodily Injury Liability - This covers medical expenses for injuries the policyholder causes to someone else.

Claim - The policyholder's request for the reimbursement of a loss covered by their insurance policy.

Collision - This covers damage to the policyholder's car from any collision. The collision could be with another car, a light post, parking curb, garage wall, etc.

Comprehensive - For damage to the policyholder's car that doesn't involve hitting another car. Covers damage resulting from fire, theft, falling objects, missiles, explosion, earthquake, flood, riot and civil commotion.

Deductible - The portion of losses that you agree to pay in the event of an accident. Higher deductibles lower premiums significantly, but will come back to haunt you in the case of an accident, especially if you're at fault.

Endorsements - These are changes to the original insurance contract, such as a different deductible or an additional car or driver.

Exclusions - Situations that are not covered by a given insurance policy; specific exclusions are listed on your insurance policy.

Extraordinary Medical Coverage - Sometimes included in Personal Injury Protection, this coverage protects you if you suffer accident-related injuries that require serious and/or long-term medical care and begins once you have exhausted the limit on your standard medical benefitscoverage.

Full Coverage - This indicates that you have all the minimum coverage for your state of residence; it does not necessarily mean you will always be fully covered.

Income Loss Coverage - Sometimes a part of Personal Injury Protection, income loss coverage takes care of you if you're unable to work due to accident-related injuries.

Indemnity - A predetermined sum paid for a covered loss.

Limits - The maximum amount of money your insurance company will pay out for your losses; many states have minimum required limits.

Medical Payments or Personal Injury Protection (PIP)- Covers the treatment of injuries to the driver and passengers of the policyholder's vehicle. At its most extensive, PIP can cover medical payments and the lost wages of those injured in an accident. It may also extend to covering the policyholder if he/she is injured while in another vehicle or is hit by a car while on foot.

No-Fault Insurance - A no-fault policy usually will not require that someone be assigned the blame in order for the policyholder to receive his/her money. In no-fault states, insurance companies are required to have this type of policy.

Property Damage Liability - Pays for damage the policyholder causes to someone else's property.

SR-22 - A document that shows proof of financial responsibility in the case of a traffic violation.

Tort - A legal term that describes circumstances when someone is deemed legally responsible for injuring another person or damaging his/her property. Some states encourage you to make a tort provision, thereby reducing the cost of your premium by limiting your right to sue for non-monetary damages.

Uninsured/Underinsured Motorist Coverage - This is to pay for treatment and/or property damages of the policyholder in the event that he/she is injured in a collision with an uninsured driver. Underinsured motorist coverage is another policy option; it kicks in when an at-fault driver has auto liability insurance, but the limit of insurance is insufficient to pay for the victim's damages.