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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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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.
Cancellation
The termination of an insurance policy before its normal expiration date.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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