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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Broker
A person who for payment of a fee procures insurance on your behalf.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Premium
The money paid for an insurance policy based upon the coverage provided.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
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.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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Did You Know?