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Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Salvage
Property taken over by an insurer to reduce its loss.
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.
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.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
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