What does Repossessed Autos Endorsement mean? Read on to discover the definition & meaning of the term Repossessed Autos Endorsement - to help you better understand the language used in insurance policies.
Repossessed Autos Endorsement
An automobile policy endorsement providing coverage for autos that have become the property of the financing institution because of the failure of the purchaser to comply with the terms of the financing agreement.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Repossessed Autos Endorsement. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: