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Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Premium
The money paid for an insurance policy based upon the coverage provided.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
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