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Cancellation
The termination of an insurance policy before its normal expiration date.
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.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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.
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.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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