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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.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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