|
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Cancellation
The termination of an insurance policy before its normal expiration date.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Salvage
Property taken over by an insurer to reduce its loss.
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.
|
Did You Know?