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Nonrenewal
The termination of an insurance policy at its normal expiration date.
Premium
The money paid for an insurance policy based upon the coverage provided.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Negligence
The absence of ordinary care.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
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.
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