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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.
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.
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.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Cancellation
The termination of an insurance policy before its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Negligence
The absence of ordinary care.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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