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Today's Terms
Total Loss
Definition:
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles.
Salvage
Definition:
Property taken over by an insurer to reduce its loss.
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.
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