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Today's Terms
Binder
Definition:
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Junk Title
Definition:
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.
Subpoena
Definition:
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.
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