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Salvage
Property taken over by an insurer to reduce its loss.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
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.
Premium
The money paid for an insurance policy based upon the coverage provided.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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