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Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
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.
Insurer
The insurance company providing the insurance.
Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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.
Cancellation
The termination of an insurance policy before its normal expiration date.
Private Passenger Automobile
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
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