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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.
Cancellation
The termination of an insurance policy before its normal expiration date.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Premium
The money paid for an insurance policy based upon the coverage provided.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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