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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.
Salvage
Property taken over by an insurer to reduce its loss.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Insurer
The insurance company providing the insurance.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Misdemeanor
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
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