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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.
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.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Premium
The money paid for an insurance policy based upon the coverage provided.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Insurer
The insurance company providing the insurance.
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