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Cancellation
The termination of an insurance policy before its normal expiration date.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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.
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