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Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
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.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Salvage
Property taken over by an insurer to reduce its loss.
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