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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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.
Salvage
Property taken over by an insurer to reduce its 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).
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Insurer
The insurance company providing the insurance.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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