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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.
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.
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.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Cancellation
The termination of an insurance policy before its normal expiration date.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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