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Policy
Written contract of insurance.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Cancellation
The termination of an insurance policy before its normal expiration date.
Insurer
The insurance company providing the insurance.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
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.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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