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Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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).
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
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