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Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
Negligence
The absence of ordinary care.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Venue
The specific county, city or geographical area in which a court has jurisdiction
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Replacement Cost
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
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.
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.
Premium
The money paid for an insurance policy based upon the coverage provided.
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