Accident Terms and Definitions

Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.

Producer
A term applied to an agent, solicitor or other person who sells insurance.

Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.

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.

Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.

Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.

Salvage
Property taken over by an insurer to reduce its loss.

Nonrenewal
The termination of an insurance policy at its normal expiration date.

Broker
A person who for payment of a fee procures insurance on your behalf.

Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.