Glossary

Policy Term
The period or length of time when the policy is in force and effect.

Premium
The specific amount of money paid to an insurance company in exchange for insurance coverage.

Principal Driver
The person who drives the car most often.

Property Damage
Property damage refers to any physical injury to property, including loss of use of such property.

Salvage
Refers to any damaged property that may be retrieved, reconditioned, and sold to recover an insured loss.

Subrogation
The term used to refer to the transfer of the insured's right to collect for damages to the insurance company.