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Premium
The money paid for an insurance policy based upon the coverage provided.
Uninsured Motorist Coverage (UMC)
Provides coverage for a policyholder involved in a collision with a driver who does not have liability insurance.
Insurer
The insurance company providing the insurance.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
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.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
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.
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