|
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Premium
The money paid for an insurance policy based upon the coverage provided.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Broker
A person who for payment of a fee procures insurance on your behalf.
Cancellation
The termination of an insurance policy before its normal expiration date.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
|
Did You Know?