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Producer
A term applied to an agent, solicitor or other person who sells insurance.
Salvage
Property taken over by an insurer to reduce its loss.
Negligence
The absence of ordinary care.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Insurer
The insurance company providing the insurance.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
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.
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