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Cancellation
The termination of an insurance policy before its normal expiration date.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Broker
A person who for payment of a fee procures insurance on your behalf.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
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.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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