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Negligence
The absence of ordinary care.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
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.
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.
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