|
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.
Insurer
The insurance company providing the insurance.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Premium
The money paid for an insurance policy based upon the coverage provided.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
|
Did You Know?