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Today's Terms
Limits
Definition:
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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.
Limited Tort
Definition:
Offers savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses, however you are not able to recover non-monetary damages or receive payments for pain and suffering unless injuries are defined as serious.
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