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Salvage
Property taken over by an insurer to reduce its loss.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Premium
The money paid for an insurance policy based upon the coverage provided.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Cancellation
The termination of an insurance policy before its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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