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Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
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.
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.
Commissioner of Insurance
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Policy
Written contract of insurance.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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