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Commission
That portion of the premium paid to the agent as compensation for his or her services.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Broker
A person who for payment of a fee procures insurance on your behalf.
Policy
Written contract of insurance.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Premium
The money paid for an insurance policy based upon the coverage provided.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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