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Producer
A term applied to an agent, solicitor or other person who sells insurance.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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