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Today's Terms
Flood Damage Title
Definition:
States issue flood titles when a vehicle has been in a flood or has received extensive water damage.
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.
Limits
Definition:
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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