|
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Negligence
The absence of ordinary care.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
|
Did You Know?