Accident Terms and Definitions

Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.

Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.

Loss Due To Fire Title
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.

Insurer
The insurance company providing the insurance.

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.

Nonrenewal
The termination of an insurance policy at its normal expiration date.

Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.

Premium Finance Company
A lending institution that finances insurance premiums for a fee.

Hit and Run
An accident caused by someone who does not stop to assist or provide the required and necessary information.

Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.