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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.
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.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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.
Broker
A person who for payment of a fee procures insurance on your behalf.
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.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
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