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Hearsay
Evidence based on what the witness has heard someone else say, rather than what the witness has personally experienced or observed.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Premium
The money paid for an insurance policy based upon the coverage provided.
Medical Payments Coverage
Covers the medical costs (up to the specified limit you choose) resulting from an auto accident for you, your family, and others in your car. It pays regardless of fault.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
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.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Dismantled Title
The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value.
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.
Exclusion
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.
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