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Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Premium
The money paid for an insurance policy based upon the coverage provided.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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