|
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Broker
A person who for payment of a fee procures insurance on your behalf.
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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Venue
The specific county, city or geographical area in which a court has jurisdiction
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.
|
Did You Know?