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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.
Subpoena
Document issued by the authority of the court to compel a witness to appear and give testimony or produce documentary evidence in a proceeding. Failure to appear or produce is punishable by contempt of court.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Cancellation
The termination of an insurance policy before its normal expiration date.
Policy
Written contract of insurance.
Towing & Labor Coverage
Pays for towing charges when your car can’t be driven. Also pays labor charges, such as changing a flat tire, at the place where your car broke down.
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