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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Insurer
The insurance company providing the insurance.
Policy
Written contract of insurance.
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.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability 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.
Negligence
The absence of ordinary care.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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