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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.
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.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
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.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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