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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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Did You Know?