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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.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Broker
A person who for payment of a fee procures insurance on your behalf.
Negligence
The absence of ordinary care.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Salvage
Property taken over by an insurer to reduce its loss.
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