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Policy
Written contract of insurance.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
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).
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