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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.
Insurer
The insurance company providing the insurance.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Salvage
Property taken over by an insurer to reduce its loss.
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