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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.
Witness
Person who testifies under oath before a court, regarding what he/she has seen, heard or otherwise observed.
Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
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.
Comparative Negligence
The percentage of fault shared by each driver in an accident in which both contribute to causing the collision.
Nonrenewal
The termination of an insurance policy at its normal expiration date.
Salvage
Property taken over by an insurer to reduce its loss.
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.
Negligence
The absence of ordinary care.
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