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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.
Underinsured Motorist Coverage
Pays for bodily injury or wrongful death caused by an underinsured motor vehicle (that is, a vehicle which is insured, but at an amount that is less than your uninsured motorist bodily injury (UMBI) limits).
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.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Total Loss
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Cancellation
The termination of an insurance policy before its normal expiration date.
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