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Premium
The money paid for an insurance policy based upon the coverage provided.
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).
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.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
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.
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.
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