|
Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Policy
Written contract of insurance.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
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.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
|
Did You Know?