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Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
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