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Salvage
Property taken over by an insurer to reduce its loss.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Cancellation
The termination of an insurance policy before its normal expiration date.
Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
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.
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