Accident Terms and Definitions

Junk Title
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.

Venue
The specific county, city or geographical area in which a court has jurisdiction

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.

Limited Tort
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.

Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.

Quote
An estimate of the cost of insurance based on information supplied to the insurance company.

Premium
The money paid for an insurance policy based upon the coverage provided.

Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.

Salvage
Property taken over by an insurer to reduce its loss.

Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.