|
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.
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).
Negligence
The absence of ordinary care.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Premium
The money paid for an insurance policy based upon the coverage provided.
|
Did You Know?