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Salvage
Property taken over by an insurer to reduce its loss.
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.
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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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