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Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Policy
Written contract of insurance.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Venue
The specific county, city or geographical area in which a court has jurisdiction
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.
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.
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