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Producer
A term applied to an agent, solicitor or other person who sells insurance.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be issued/delivered.
Quote
An estimate of the cost of insurance based on information supplied to the insurance company.
Premium Finance Company
A lending institution that finances insurance premiums for a fee.
Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
Airbag Deployment
Occurs when the driver, passenger or side airbag has been used or deployed during a crash or other incident.
Premium
The money paid for an insurance policy based upon the coverage provided.
Cancellation
The termination of an insurance policy before its normal expiration date.
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).
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