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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.
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.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
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.
Cancellation
The termination of an insurance policy before its normal expiration date.
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.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
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