|
Premium
The money paid for an insurance policy based upon the coverage provided.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
|
Did You Know?