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Salvage
Property taken over by an insurer to reduce its loss.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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).
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
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