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Today's Terms
Producer
Definition:
A term applied to an agent, solicitor or other person who sells insurance.
Private Passenger Automobile
Definition:
Four-wheeled motor vehicles of the private passenger, station wagon, or van type. Private passenger automobiles are designed for use on public highways and subject to motor vehicle registration.
Subrogation
Definition:
The process in which an insurance company, after paying a loss to its insured, recovers the amount of the loss for damages (plus the insured's deductible) from the legally liable party.
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