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Premium
The money paid for an insurance policy based upon the coverage provided.
Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Summons
Document or writ directing the sheriff or other officer to notify a person that an action has been commenced against him in court and that he is required to appear, on a certain day, and answer the complaint in such action.
Subrogation
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
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.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
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