|
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
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.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Salvage
Property taken over by an insurer to reduce its loss.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
|
Did You Know?