|
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Policy
Written contract of insurance.
|
Did You Know?