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Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Cancellation
The termination of an insurance policy before its normal expiration date.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
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.
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