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Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.
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.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
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