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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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