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Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Policy
Written contract of insurance.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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