|
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.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Premium
The money paid for an insurance policy based upon the coverage provided.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Cancellation
The termination of an insurance policy before its normal expiration date.
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.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
|
Did You Know?