|
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.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Broker
A person who for payment of a fee procures insurance on your behalf.
Insurer
The insurance company providing the insurance.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
|
Did You Know?