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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.
Comprehensive Coverage
Pays for damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, etc.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Salvage
Property taken over by an insurer to reduce its loss.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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