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Insurer
The insurance company providing the insurance.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
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.
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.
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.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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