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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.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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