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Salvage
Property taken over by an insurer to reduce its loss.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Broker
A person who for payment of a fee procures insurance on your behalf.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Cancellation
The termination of an insurance policy before its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
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.
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