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Today's Terms
Hearsay
Definition:
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Subrogation
Definition:
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Total Loss
Definition:
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.
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