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November 19, 2008

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Accident Terms and Definitions

Junk Title
A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle for safe operation exceeds its fair market value; or a vehicle that has been declared a total loss by an insurer or other state or jurisdiction.

Deductible
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.

Full Tort
With this selection you retain unrestricted rights to bring suit against the negligent party.

Nonrenewal
The termination of an insurance policy at its normal expiration date.

Flood Damage Title
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.

Limits
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.

Insurer
The insurance company providing the insurance.

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.

Negligence
The absence of ordinary care.

Claim
Notice to an insurer of a loss that under the terms and conditions of a policy may be covered.

Contact our New Mexico Accident Lawyers if you have ever experienced a personal injury and think others are at fault for the accident.

Did You Know?

Since 1994, The Annual Truck Accident Fatalities Increased By 13%
The annual rate of truck accident fatalities has increased by 13% since 1994. There has been a significant increase in the amount of trucks on the highways since 1994, rising from about 6.6 million to 7.9 million registered trucks. Collisions with trucks account for one out of every eight fatalities on U.S. roadways.

	Newsroom
	Motor Vehicle Accidents Number One Killer of Children 4 to 14 According to the National Highway Traffic Safety Administration (NHTSA), about 7,500 lives have been saved by the proper use of vehicle child restr... Read more > Iteris Reports a 65 Percent Reduction in Accidents Maverick USA, based in Little Rock, Ark., began upgrading the safety of its national fleet of 1,000 trucks with initial deployments of the Iteris L... Read more > 'Spare Tire' Might Protect Men During Car Accident WEDNESDAY, March 1 (HealthDay News) -- New research suggests that a few extra pounds can be good for you -- if you're male and unlucky enough to be... Read more > More news >

Terms

Today's Terms

Exclusion

Definition:
A contractual provision in an insurance policy that denies coverage for certain perils, persons, property, or locations.

Loss Due To Fire Title

Definition:
The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.

Salvage

Definition:
Property taken over by an insurer to reduce its loss.

More Terms >

Resources

More Resources >

Hot Topics

DUI Car Accidents
Aggresive Driving
Catastrophic Injuries
Speeding Accidents

New Mexico Car Accident Lawyers

If you live in one of the following cities and have been in an auto accident you should contact an New Mexico Car Accident Lawyers as soon as possible:

Alamogordo
Albuquerque
Anthony
Artesia
Aztec
Belen
Carlsbad
Clovis
Deming
Edgewood
Espanola
Farmington
Gallup

Hobbs
Las Cruces
Las Vegas
Los Alamos
Los Lunas
Portales
Rio Rancho
Roswell
Santa Fe
Shiprock
Silver City
Taos

Need to find a Car Accident Lawyer Nationwide? Visit CarAccidentAttorneys.com

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