Stated amount value - When an applicant feels that his/her vehicle is worth more than the normal value for a vehicle of that make and age, a professional appraisal is usually done to document that belief, and the vehicle will then be insured to the appraised value. This is called a "stated amount" valuation.
Subrogate, subrogation - When the insurer pays the insured for a loss, the insurer takes over the insured’s right to collect damages from the other party responsible for the loss through a process called subrogation. The insurance company may subrogate against the party directly responsible for the loss. If you are hit by an uninsured driver, your insurance company would pay for your loss (if you purchased Uninsured Motorist protection), and then possibly negotiate with the uninsured driver.
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