|
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
|
Did You Know?