Free Look Period

This refers to the first period of an auto insurance policy which is usually a minimum of thirty days from the time the policy took effect. This may be different from state to state.

Financial Responsibility Law

This is the law that expect or demand that vehicle owners are capable of paying off any losses relating to auto insurance. This can be done as a proof that he is financially able for an auto insurance covearge.

Fair Market Value

This has to do with the change of price of property between a seller and a buyer who are both willing to sell and buy. The seller and buyer should be proficient about all details relating to any property involved. Both parties have the freedom to sell or buy at any convenient time.