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Premium
The money paid for an insurance policy based upon the coverage provided.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
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.
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