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Today's Terms
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.
Commissioner of Insurance
Definition:
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Deductible
Definition:
The amount of the loss which the insured is responsible to pay before benefits from the insurance policy are payable.
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