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Insured
The person(s) entitled to coverage in case of an accident or loss.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
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.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Cancellation
The termination of an insurance policy before its normal expiration date.
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