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Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Negligence
The absence of ordinary care.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
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