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Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Policy
Written contract of insurance.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
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.
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.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
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