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Broker
A person who for payment of a fee procures insurance on your behalf.
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.
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.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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.
Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
Premium
The money paid for an insurance policy based upon the coverage provided.
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