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-Actual Cash Value (ACV):
The fair or reasonable cash price for which the property
could be sold in the market in the ordinary course of business
and not at a forced sale; the price it will bring in a fair
market after reasonable efforts to find a purchaser who will
give the highest price. It is the greatest amount the insured
can recover in practically all policies indemnifying for damage
to property except in states where valued policy laws are in
effect.
-A/M (Aftermarket parts): Any
vehicle part or accessory that is purchased from a source other
than the OEM parts distribution network or a Salvage yard.
-Appearance
Allowance: Payment
for a loss to property when the physical damage does not warrant
either repair or replacement; a payment for diminished value,
primarily from appearance.
-Assembly:
Two or more related
parts of a vehicle that are pre-assembled by the manufacturer
and sold under one part number.
-ARS
(Airbag Restraint System):
Refers
to the air bags, modules, clock springs and all other
components.
-BAR
(Bureau of Automotive Repair)
-Betterment:
A specific percentage, determined by the estimator, deducted
from the cost to repair or replace a particular part in the
event it is repaired or replaced with a part that is of a higher
quality and will increase the value or condition of the vehicle.
( Ex. tires, shocks, batteries) Betterment may also be applied
to paint that is faded, cracked, etc.
-CAPA
Certified
-Clip:
A group of related
vehicle parts purchased from a salvage yard as an assembly.
(Salvage Clip)
-D&R
(Disconnect and Reconnect):
Disconnect,
unplug or unbolt component assembly at point where it is
attached to subject part. Component is not removed form the
vehicle.
-Economy
Part: Any new
vehicle part or accessory that is purchased from a source other
than the OEM parts distribution network.
-Generic
Auto Parts: Auto crash
parts produced by firms that are not associated with car
manufacturers. Insurers consider these parts, when certified, at
least as good as those that come from the original equipment
manufacturer (OEM). They are often cheaper than the identical part
produced by the OEM.
-Graduated
Drivers Liscense: Licenses
for younger drivers that allow them to improve their skills.
Regulations vary by state, but often restrict nighttime driving.
Young drivers receive a learner’s permit, followed by a provisional
license, before they can receive a standard driver’s license.
-LKQ
(Like, Kind, Quality): Also
know as used items. These non damaged items are removed from a
damaged vehicle and transferred to the existing vehicle.
-NAGS
(National Auto Glass Specification, Inc):
Organization
that specifies, certifies, and publishes pricing for automotive
glass.
-OEM
(Original Equipment Manufacturer):
A
new replacement part or accessory that is manufactured by and
available through the vehicle manufacturer's parts distribution
network.
-O/H
(OverHaul): A type of
flat rate labor that contains R&I and R&R labor plus
time to completely disassemble and reassemble an assembly. (Ex.
bumpers, suspension)
-Overlap:
The labor associated
with an operation that is common to the replacement of two or
more parts.
-Paintless
Dent Repair: The procedure where a skilled technician uses metal
rods and picks to massage out minor dings and dents in the finish of an
automobile.
Pay-at-the-Pump: A system
proposed in the 1990s in which auto insurance premiums would be paid
to state governments through a per-gallon surcharge on gasoline.
-PRS
(Passenger Restraint System): Refers
to seat belts and shoulder harnesses.
-R&I
(Remove and Re-Install):
Refers
to flat rate labor for the removal and reinstallation of the
same part or assembly. (Ex. R&I door trim panel to gain
access to the glass regulator)
-R&R
(Remove and Replace): Remove
old or damaged part, transfer necessary items to new part,
replace and realign.
-Reconditioned:
Repaired vehicle components.
-Refinishing (Painting):
-Sectioning:
The procedure of cutting
an existing panel to save the undamaged portion of it. This
procedure is done to1/4 Panels and Frame Rails to help secure
the structural integrity of the vehicle.
-Unibody:
The frame and the body panels are integrated as one. All
components are welded together to form a shell structure.
-VIN (Vehicle Identification Number): A seventeen-digit code
that uniquely identifies a vehicle.
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