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Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Negligence
The absence of ordinary care.
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.
Gap Insurance
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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.
Cancellation
The termination of an insurance policy before its normal expiration date.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
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