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Commission
That portion of the premium paid to the agent as compensation for his or her services.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
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.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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