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Subrogation
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.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and 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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Insurer
The insurance company providing the insurance.
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.
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