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Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Salvage
Property taken over by an insurer to reduce its loss.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
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.
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.
Negligence
The absence of ordinary care.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
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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