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Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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