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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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
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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