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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).
Premium
The money paid for an insurance policy based upon the coverage provided.
Accident
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
Surcharge
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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.
Liability Insurance
Coverage for a policyholder's legal liability resulting from injuries to other persons or damage to their property.
Producer
A term applied to an agent, solicitor or other person who sells insurance.
Collision
Pays for damage to your car caused by a collision with another vehicle or with any other object, regardless who was at fault.
Insured
The person(s) entitled to coverage in case of an accident or loss.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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