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Today's Terms
Junk Title
Definition:
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.
Policy
Definition:
Written contract of insurance.
Surcharge
Definition:
An extra charge applied to the premium by the insurer, usually for at fault accidents or moving violations.
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