|
Salvage
Property taken over by an insurer to reduce its loss.
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.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
|
Did You Know?