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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.
Negligence
The absence of ordinary care.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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