Definitions #1
our customers.
Company Name/Insurance Company/Insurance Carrier/Carrier
Loss Vehicle
the vehicle named on the Claim, that was in the Total Loss incident.
The number of calendar days until the Payoff Amount is due.
Payoff Days
Insurance Policy
The policy is a legal agreement between the Insurance Company and the Insured that states what the Insurance Company will give if an accident happens.
The date the Payoff Amount is due.
Date Valid Until
amount of interest that accumulates on a daily basis.
Per Diem
TLC Lien Process
Process of obtaining a Payoff Amount and Per Diem from the Lender/Lienholder
Document provided by the Insurance Company containing a concise overview of an insurance policy.
Declaration Page
Total Loss Care (TLC)
The department at CCC that assists Insurance Companies with the paperwork involved in transferring the Titles of Loss Vehicles.
a document outlining all repairs that may need to take place as a result of the Total Loss incident
Damage Estimate
Report that CCC provides to the Insurance Company detailing the Actual Cash Value (ACV) of the Loss Vehicle
Market Valuation Report (MVR)
Letter of Guarantee
Legal document that ensures the Insurance Company receives the Title once the Lender receives the payment amount listed on the document.
Document stating an official summary of the Total Loss incident, filled out by a responding officer.
Police Report
Cause of Loss
Provided by the Insurance Company containing the type of loss and/or additional details on how the loss occurred
Pictures submitted by the adjuster showing the damage sustained by the Loss Vehicle.
Photos of Damage
A person or organization that suffered a loss and files a request to receive benefits from the insurer via the Insurance Claim.
Claimant
Deductible
The amount of money the Owner/Insured pays before the Insurance Company will cover costs.
Total Loss
Insurance Claim
A formal request by a policyholder to an Insurance Company for compensation on a Total Loss.
Typically includes Actual Cash Value, sales tax, Deductible and fees such as DMV and registration.
Settlement Amount
money owed to the Lender to pay off the loan and release the lien
Payoff Amount
Settlement Amount
The amount the Owner is offered by the Insurance Company to settle the Insurance Claim.
a legal claim that Lender/Lienholder has on the Loss Vehicle
Lien
Actual Cash Value
the amount the loss vehicle was worth (fair market value) the moment before it was damaged or stolen.
when a person or entity (Lender) lends money to another (the borrower) with the understanding that the borrower will repay the Lender.
Loan