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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.
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.
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.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Broker
A person who for payment of a fee procures insurance on your behalf.
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