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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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Premium
The money paid for an insurance policy based upon the coverage provided.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
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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