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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.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Commission
That portion of the premium paid to the agent as compensation for his or her services.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
Insurer
The insurance company providing the insurance.
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.
Policy
Written contract of insurance.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
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.
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