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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.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Policy
Written contract of insurance.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Broker
A person who for payment of a fee procures insurance on your behalf.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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