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Salvage
Property taken over by an insurer to reduce its loss.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Insurer
The insurance company providing the insurance.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Premium
The money paid for an insurance policy based upon the coverage provided.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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