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Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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.
Policy
Written contract of insurance.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Vehicle ID No. (VIN)
This 17 character number is unique to each vehicle. It identifies characteristics of the vehicle, including manufacturer, year, model, body, engine specifications, and serial number.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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.
Scrapped
Vehicles that have been dismantled and/or crushed and should not return to the road.
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