Glossary
A
Add-On: For the Triton Protect Pre-owned vehicles, the term of the coverage (12, 24, 36, or 48) starts at time-of-sale, the mileage option chosen (12,000, 24,000, 36,000, or 48,000) is added onto the existing odometer on the vehicle. If the vehicle has 46,187 miles, and the customer purchased a 3 year, 36,000 miles, their coverage would expire either 3 years from the date of purchase, or when 82,187 are on the odometer (46,187 + 36,000), whichever occurs first.
Addendum: In this case, the GAP agreement is NOT insurance, it is considered to an addition to the retail installment contract language in the event of a total loss.
Adjudication: In the context of a claim, this would be the claim adjuster’s final ruling to pay or not to pay a claim based upon the review of the complaint, cause, and correction relative to the customer’s coverage.
Administrator: The name for a company that processes product premiums, customer cancellations, and pays claims for financial services products in addition to creating products that meet state and federal guidelines and making sure that the reserves set aside to pay claims are adequate on behalf of the Insurer that issues a contractual liability policy for potential loss.
All Data Labor Guide: An independent Labor Guide that determines the allocated amount of time to complete a repair, generally 30% more time allocation than the manufacturer.
Allegiance: Allegiance is the Administration company that processes product premiums, customer cancellations, and pays claims for the Triton Dealers in addition to creating products that meet state and federal guidelines and making sure that the reserves set aside to pay claims are adequate on behalf of the Insurer that issues a contractual liability policy for potential loss.
ALLTPA.com: This the website for Allegiance that functions as a repository for all rates, claims procedures, cancellations, premium remittance, and reporting. You must receive a user name and password in order to have access which can be obtained by contacting your Triton Protect Business Development Manager.
ASE Licensed Facility: The National Institute for Automotive Service Excellence (ASE) is an independent non-profit organization that specializes in the improvement of the quality of vehicle repair and service. To do so, members of the National Institute for Automotive Service Excellence will conduct a series of tests and certify various automotive professionals and companies that meet their standards. An ASE certification establishes that the said mechanic/shop achieves excellence in the automotive services they offer and execute. In many municipalities, 75% of the technicians need this designation in order to be considered an ASE Licensed Facility.
B
Benefit Payment: The amount of qualified payment made on a claim.
Bill of Sale: A bill of sale for a vehicle is a legal document that confirms the sale and transfer of possession of a motor vehicle. It usually contains the personal information of the buyer and seller, a description of the vehicle, and a statement of the price and terms of sale.
Business Use: Vehicles that you will frequently find titled in a business name for tax purposes, and Triton Protect for business use is limited to vehicles used for repair work, service work, and route and delivery work.
C
Claim: The amount the customer is requesting be paid due to a triggering event covered by the coverage they purchased.
Collateral Valuation Report: Collateral valuation reports refers to the fair market value of the assets used to secure a loan. Collateral value is typically determined by looking at the recent sale prices of similar assets or by having the asset appraised by a qualified expert.
Commercial Agreement: The Triton Protect Agreement specifically designed for Commercial Use vehicles, must be New (defined as less than 35,000 miles and 2 years old or newer) and only exclusionary coverage is available for purchase. The Commercial Agreement is written on a specific Commercial Triton Protect Agreement.
Commercial Use: For larger vehicles (F-350 and larger) that are utilized exclusively for business and most likely part of a fleet.
Cosmetic Repair: A repair to a wheel or rim that does not require a replacement of the part.
Curable Resin: A clear epoxy with is injected into a chip or crack of a windshield that cured via UV light in order to reduce shrinkage.
Curb Impact: Term describing when a tire or wheel makes contact with a curb generally causing either cosmetic damage to the wheel or in severe cases, damage that would require replacement of the tire of wheel.
D
Deductible: The amount in stated in the customer’s agreement that they need to pay at time of a claim.
Depreciation: A simple definition of vehicle depreciation is the decline in value of assets. In other words, when you buy something, it becomes less valuable as you use it.
E
Edmunds: Edmunds is a National Appraisal Guide that has a long history devoted to providing consumers as well as businesses with accurate vehicle pricing.
Electronic Key Fob: The term remote keyless system (RKS), also called keyless entry or remote central locking, refers to a lock that uses an electronic remote control as a key which is activated by a handheld device or automatically by proximity. Widely used in automobiles, an RKS performs the functions of a standard car key without physical contact. When within a few yards of the car, pressing a button on the remote can lock or unlock the doors, and may perform other functions. A remote keyless system can include both a remote keyless entry system (RKE), which unlocks the doors, and a remote keyless ignition system (RKI), which starts the engine.
Eligibility: Eligibility means the underwriting guidelines that determine if a vehicle is eligible for a Triton Protect coverage, and would generally be determined by Make, Model, and existing Odometer Miles.
Exclusionary: Will only list the component parts that are not covered, in other words, are “excluded” from coverage. Any part not listed would be considered covered.
F
G
GAP / Guaranteed Asset Protection: Optional Consumer product protection benefit that will pay the difference between the customer’s loan payoff balance and their Insurance Company’s actual cash value of the vehicle in the event the customer’s vehicle is in an accident and declared a total loss or the vehicle is stolen and not recovered.
GVW / Gross Vehicle Weight: The gross vehicle weight rating (GVW), is the maximum operating weight/mass of a vehicle as specified by the manufacturer including the vehicle's chassis, body, engine, engine fluids, fuel, accessories, driver, passengers and cargo but excluding that of any trailers.
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Lienholder: A lienholder is a lender that legally has an interest in your property until you pay it off in full. The lender — which can be a bank, financial institution or private party — holds a lien, or legal claim, on the property because they lent you the money to purchase it
Lift Kit: A Lift Kit is a modification to a vehicle to raise the ride height. It is done for the purpose of improving the off road performance of SUV’s or Trucks, or for cosmetic purposes. Suspension lifts can enable steeper approach, departure, and breakover angles, higher ground clearance, and helps accommodate larger wheels and tires. With Triton Protect, the maximum lift kit may be 4 inches and must include a surcharge.
Lost Key / Lock Out Service Benefit: Pays up to $50 for receipted Locksmith services if the customer’s keys are lost, stolen, or accidentally locked in the vehicle.
M
Major Component Groups: A general description of broad components of the vehicle such as Air Conditioners, Electrical, Engine, Transmission, etc. Within each major component grouping are multiple subgroups of parts that are covered.
Mechanical Repair Agreement: An agreement to pay for covered repairs for stated period of time or miles whichever occurs first that the customer may purchase on their vehicle. It is distinguished from a warranty in that a warranty is fee and comes with the vehicle, a mechanical repair agreement is purchased, and is also cancelable with a refund due for the unused portion.
MSRP: Manufacturer’s Suggested Retail Price.
N
Named Component Coverage: The opposite of Exclusionary, a named component coverage only covers the parts that are listed on the agreement. If it’s not listed (named), it’s not covered.
New Vehicle: As it relates to Triton Protect coverage, the vehicle would qualify for new vehicle coverage it the vehicle is 7 years or newer, and has less than 60,000 miles on the odometer.
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OEM: Original Equipment Manufacturer who built the car i.e.; Ford, General Motors, Toyota, etc.
OEM Factory Labor Guide: What the manufacturer determines the allocated labor time should be to complete a repair.
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Paintless Dent Repair: Paintless dent repair (PDR), also known as paintless dent removal, describes a method of removing minor dents from the body of a motor vehicle. A wide range of damage can be repaired using paintless dent repair as long as the paint surface is intact.
Powertrain: The engine, transmission, and drive axle assembly of a vehicle.
Pre-Owned Vehicle: As it relates to Triton Protect Coverage, a used vehicle is defined as 9 years or newer, and less than 125,000 miles on the odometer. For Triton Protect Select, the definition of Pre-owned vehicle is less than 20 years old, and less than 150,000 miles on the odometer at time of sale.
Pro-Rata: Pro-rata means in equal portions, that is, on a 84 month contact, if 42 months has been used, 50% of the coverage remains, and 50% of the coverage as been used.
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R
Rental Car Benefit: For the Triton Protect products, if the vehicle is taken out of service overnight, the benefit payable is up to $60 per day for 5 days or a maximum of $300. Additional 4 days may be available if there is a parts delay as determined by the Administrator.
Retail Financial Contract: A retail installment contract is created when a customer agrees to buy goods (in this case a vehicle) through installment payments. Retail installment contracts are closed-end transactions for purposes of the Truth in Lending Act.
Retail Shop Labor Rate: The retail shop labor rate is the posted dollar per hour the customer pays for repairs.
Road Hazard: Road Hazard generally means road debris which includes substances, materials, and objects that are foreign to the normal roadway environment.
Road Rash: An industry slang term that refers to the damage to a wheel, typically from scraping a curb.
Road Service Benefit: Pays up to $100 per occurrence if the vehicle becomes disabled and needs extricated, fuel or fluid delivery, or a battery boost/jump.
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Surcharge: The amount of additional money generally associated with additional risk. An example would be a 4 inch lift kit for a truck, while the standard truck does not have a lift kit added, if one place on the truck, it would still be covered if the additional surcharge is collected.
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TCO / True Cost of Ownership: The Edmunds Inc. True Cost to Own® (TCO®) pricing system calculates the additional costs you may not have included when considering your next vehicle purchase. These extra costs include: depreciation, interest on your loan, taxes and fees, insurance premiums, fuel costs, maintenance, and repairs. Search here to view the TCO® of any vehicle.
Tire Repair Benefit: In the event the Vehicle’s tire(s) incur(s) damage from a road hazard, We will pay or reimburse You for receipted expenses for tire repair, or if non-repairable, for tire replacement up to a maximum of twenty dollars ($20.00) for each tire repaired or one hundred dollars ($100.00) for each tire replacement, up to a maximum aggregate of four hundred dollars ($400.00) during the term of this Contract. A “road hazard” shall mean: pothole, rock, nail, wood, tree limb/branch, or other debris on the road surface. This benefit is not available if finance with Ford Motor Credit.
Total Loss: The customer’s insurance company declares that the amount to repair the vehicle is greater than the actual cash value of the vehicle and declares the vehicle to be a total loss, or if the vehicle is stolen and not recovered, there is no collateral (value), and also would be declared a total loss.
Towing Benefit: For the Triton Protect products, if the vehicle is unsafe to drive or driving the vehicle will cause additional damage, the benefit amount payable to tow the vehicle to the selling dealer or nearest repair facility is up to $100.
Tread Depth: Measured in 1/16th inches, tread depth is the measurement between the top of the tread to the bottom of the tread.
Trip Interruption Benefit: If the customer’s vehicle breaks down in a radius of at least a 100 miles from the dealership, the Triton Protect trip interruption benefit will pay up to $125 per day for up to 3 days for lodging and food. It is important that the customer retain and submit all receipts in order to be reimbursed. The maximum payout is $375.
Triton Protect Elite: The name for the Triton Protect named component coverage that covers 15 major component groups, see the Triton Protect contract for details.
Triton Protect Powertrain: The name given for the Triton Protect named component coverage that covers only the powertrain, see Triton Protect Contract for details.
Triton Protect Powertrain Plus: The name given for the Triton Protect named component coverage that covers 10 major component groups, see the Triton Protect contract for details.
Triton Protect Ultimate Program: The name for the best coverage offered by Triton Protect, an exclusionary coverage that only lists what’s not covered.
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V
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Warranty: A warranty is a form of guarantee that a manufacturer offers to repair or replace a faulty product within a window of time after purchase. Warranties are expressed or implied as being free to the consumer.