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Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Broker
A person who for payment of a fee procures insurance on your behalf.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
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.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
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.
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