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Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
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.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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Did You Know?