|
Premium
The money paid for an insurance policy based upon the coverage provided.
Cancellation
The termination of an insurance policy before its normal expiration date.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Policy
Written contract of insurance.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
|
Did You Know?