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Insured
The person(s) entitled to coverage in case of an accident or loss.
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.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Insurer
The insurance company providing the insurance.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
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