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Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
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