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Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Salvage
Property taken over by an insurer to reduce its loss.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
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