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Insured
The person(s) entitled to coverage in case of an accident or loss.
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).
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
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