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Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Cancellation
The termination of an insurance policy before its normal expiration date.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
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