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Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Salvage
Property taken over by an insurer to reduce its loss.
Premium
The money paid for an insurance policy based upon the coverage provided.
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.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
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.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
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