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Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Cancellation
The termination of an insurance policy before its normal expiration date.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Negligence
The absence of ordinary care.
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