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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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Premium
The money paid for an insurance policy based upon the coverage provided.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Insurer
The insurance company providing the insurance.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
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