|
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
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.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Premium
The money paid for an insurance policy based upon the coverage provided.
|
Did You Know?