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Nonrenewal
The termination of an insurance policy at its normal expiration date.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Broker
A person who for payment of a fee procures insurance on your behalf.
Premium
The money paid for an insurance policy based upon the coverage provided.
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