|
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Salvage
Property taken over by an insurer to reduce its loss.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Cancellation
The termination of an insurance policy before its normal expiration date.
Broker
A person who for payment of a fee procures insurance on your behalf.
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.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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.
|
Did You Know?