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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.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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.
Policy
Written contract of insurance.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Salvage
Property taken over by an insurer to reduce its loss.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
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