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Producer
A term applied to an agent, solicitor or other person who sells insurance.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Negligence
The absence of ordinary care.
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).
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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