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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.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
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.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
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