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Negligence
The absence of ordinary care.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Premium
The money paid for an insurance policy based upon the coverage provided.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Broker
A person who for payment of a fee procures insurance on your behalf.
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