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Salvage
Property taken over by an insurer to reduce its loss.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
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.
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.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Broker
A person who for payment of a fee procures insurance on your behalf.
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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