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Broker
A person who for payment of a fee procures insurance on your behalf.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
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).
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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