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Broker
A person who for payment of a fee procures insurance on your behalf.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
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.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
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