|
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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.
Salvage
Property taken over by an insurer to reduce its loss.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
|
Did You Know?