|
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.
Insurer
The insurance company providing the insurance.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Cancellation
The termination of an insurance policy before its normal expiration date.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
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).
Venue
The specific county, city or geographical area in which a court has jurisdiction
|
Did You Know?