|
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
|
Did You Know?