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Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
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