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Today's Terms
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.
Cancellation
Definition:
The termination of an insurance policy before its normal expiration date.
Accident
Definition:
A collision involving an automobile and anything that causes damage to the automobile, including other automobiles, telephone poles, buildings, and trees.
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