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Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Premium
The money paid for an insurance policy based upon the coverage provided.
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