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Policy
Written contract of insurance.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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.
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.
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.
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