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Producer
A term applied to an agent, solicitor or other person who sells insurance.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Negligence
The absence of ordinary care.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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