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Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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