Accident Terms and Definitions

Premium Finance Company
A lending institution that finances insurance premiums for a fee.

Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.

Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.

Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.

Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.

Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.

Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.

Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.

Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.

Policy
Written contract of insurance.