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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.
Gap Insurance
Definition:
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Cancellation
Definition:
The termination of an insurance policy before its normal expiration date.
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