| Florida Insurance Glossary Terms "A" Florida Auto Plus Insurance Agency - "Lower your Florida car insurance cost for life" |
| Car Insurance Specialists & Florida Independent Agents |
The Florida Insurance Glossary, designed to help Florida residents better understand the terms used.
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Accident: A sudden and unintended impact at a specific time and location. Car accidents are an unfortunate part of
life almost every driver will experience at some time. A Florida car insurance policy provides for monetary
compensation related to auto accidents.
Accident Forgiveness: Elimination of a premium surcharge after an accident. Surcharges and discounts will
significantly impact a Florida car insurance quote. This particular discount tends to become more valuable as your
policy renews. Carefully examine features, benefits, discounts, etc… as these items are slightly different from each
insurance company.
Accident frequency: The number of accidents in a specific time period. An auto insurance quote in Florida may be
unavailable from certain companies if a driver has too many accidents. Severe habitual offenders may only be able to
find coverage from the state assigned risk pool the Florida Auto joint Underwriting Association.
Accident Report Form: A document indicating the facts of an accident. It's a good idea to always have pen and
paper available in your car to make notes at the scene of an accident. Always have a current Florida auto insurance
identification card in your vehicle.
Accident Severity: A measurement designed to quantify the significance of an accident or claim. Most companies
will forgive minor accidents with small payouts and not increase a car insurance quote in Florida. When an incident
occurs with very minor damage that will not exceed the policy deductible most drivers will not report this to their
company.
Accidental Death Benefit (ADB): The amount payable to a policyholder or beneficiary in the event of an accidental
death. In the event of death, the maximum payout provided by basic Florida No Fault insurance is only $5,000. Many
life insurance policies will provide an increased benefit in the event of an accidental death for a small additional
premium.
Act of God: The cause of an event which occurs naturally and is not man-made. Hurricanes in the sunshine state
are a fact of life. It's important for Florida residents to have the right type of car insurance coverage. Unlike a
homeowners insurance policy, your vehicle does not need a separate flood insurance policy.
Actual Cash Value (ACV): The value to replace an object less depreciation. This is the formula most often used to
determine the value of a vehicle after a loss and is part of the basic principles of Florida car insurance. Less common
are car insurance policies that value a vehicle by a stated or agreed amount.
Actuary: A statistician utilized by insurance companies to assist in determining a profitable rate for an insurance
contract. As computer speed and software applications have improved the actuaries are better able to analyze data
and determine rates more accurately. These improvements help reduce cost for everyone.
Add-On: Additional coverage not part of the basic insurance contract. Naturally, the more coverage you request,
the higher your Florida auto insurance quote will be. Always be mindful of all the coverage you are buying so as not
to get stuck paying for an add-on you do not want.
Additional Insured (additional Interest): A party other than the policyholder entitled to receive benefits from an
insurance contract.
Adjuster: A person who assists policyholders and insurance companies in the settlement of claims.
Admitted Company: An insurance company that is licensed by the state in which it conducts business.
Admitted Market: This term refers to the variety of insurance products available to consumers through companies
licensed by the state.
Adverse Carrier: The other party’s insurance company is indicated by this term.
Adverse Selection: This relates to the predisposition of consumers with higher risk to purchase insurance in
greater amounts than those with lower risk.
Adverse Underwriting Decision: A conclusion by an insurance company that is associated with a specific risk and
is unfavorable to the insured.
After-Market Parts: Replacement parts which are not made by the original manufacturer.
Agency: The place where insurance agents conduct business on behalf of consumers and insurance companies.
Agency Company: An insurance company that transacts business through an insurance agency.
Agency Contract: A legal document outlining the responsibilities between an insurance agency and insurance
company.
Agent: A person licensed and engaged in the business of insurance.
Agent’s Appointment: A declaration by an insurance company that grants authority to an insurance agent to
represent the company.
Agent’s Authority: The scope of permissible acts by an insurance agent granted by an insurance company.
Agent’s License: The credential granted by the state to persons who are authorized to conduct the business of
insurance.
Agreed Price: The predetermine value of an object (car) as agreed to by the policyholder and insurance company.
Alien Insurance Company: An insurance company domiciled in and bound by the laws from a place other than
where they conduct business.
All-Risks Policy: An insurance policy that pays for damages caused by any type of occurrence.
Alternative Dispute Resolution: A method such as mediation and arbitration to settle disputes without the need
for a lawsuit.
Amendment: A modification of the original policy contract.
Anti-Lock braking system: A vehicle safety feature which helps prevent the loss of control when brakes are applied
suddenly and forcefully.
Anti-Rebating laws: Statutes which prohibit insurance agents from returning commission earned to the policyholder
as an inducement to purchase.
Anti-theft Device: Equipment designed to prevent, deter or recover stolen property.
Antique Car Insurance: Vehicles that are 25 years or older and do not deviate substantially from factory available
equipment or accessories for the model year are considered Antique Vehicles. Included in this category are Muscle
Cars which are typically high performance, two-door vehicles powered by large V-8 engines and manufactured in the
1960’s and 1970’s.
Application: Insurance company document utilized to present information about a specific risk to determine
eligibility and premium.
Apportionment: The pro-rata share of responsibility between two or more insurance companies.
Appraisal: The determination of the value of property to be insured or the amount to be paid as settlement after a
claim.
Arbitration: An insurance policy clause that determines how a claim is to be settled if there is a dispute.
Assigned Risk: A risk unacceptable to any insurance company and combined with other such risks whereby all
companies are assigned a portion of the risk.
Assured: The beneficiary of an insurance contract i.e. insured, policyholder.
At-Fault: The party responsible for causing an accident.
Authorized Insurer: An insurance company granted permission by a state to sell specific types of insurance within
that state.
Auto Insurance in Florida: A popular keyword phrase to find the best auto insurance in the state of Florida.
Auto Insurance Score: Algorithm which draws upon information contained in credit bureaus and utilized to assist in
determining rates,
Automobile Insurance Plans: The name commonly used for assigned risk policies (see assigned risk).
Automobile Insurance Premium Discounts: Reduces the base price for an automobile insurance policy for a
variety of reasons e.g. safety devices, anti-theft equipment, low mileage, etc...
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Accident: A sudden and unintended impact at a specific time and location. Car accidents are an unfortunate part of
life almost every driver will experience at some time. A Florida car insurance policy provides for monetary
compensation related to auto accidents.
Accident Forgiveness: Elimination of a premium surcharge after an accident. Surcharges and discounts will
significantly impact a Florida car insurance quote. This particular discount tends to become more valuable as your
policy renews. Carefully examine features, benefits, discounts, etc… as these items are slightly different from each
insurance company.
Accident frequency: The number of accidents in a specific time period. An auto insurance quote in Florida may be
unavailable from certain companies if a driver has too many accidents. Severe habitual offenders may only be able to
find coverage from the state assigned risk pool the Florida Auto joint Underwriting Association.
Accident Report Form: A document indicating the facts of an accident. It's a good idea to always have pen and
paper available in your car to make notes at the scene of an accident. Always have a current Florida auto insurance
identification card in your vehicle.
Accident Severity: A measurement designed to quantify the significance of an accident or claim. Most companies
will forgive minor accidents with small payouts and not increase a car insurance quote in Florida. When an incident
occurs with very minor damage that will not exceed the policy deductible most drivers will not report this to their
company.
Accidental Death Benefit (ADB): The amount payable to a policyholder or beneficiary in the event of an accidental
death. In the event of death, the maximum payout provided by basic Florida No Fault insurance is only $5,000. Many
life insurance policies will provide an increased benefit in the event of an accidental death for a small additional
premium.
Act of God: The cause of an event which occurs naturally and is not man-made. Hurricanes in the sunshine state
are a fact of life. It's important for Florida residents to have the right type of car insurance coverage. Unlike a
homeowners insurance policy, your vehicle does not need a separate flood insurance policy.
Actual Cash Value (ACV): The value to replace an object less depreciation. This is the formula most often used to
determine the value of a vehicle after a loss and is part of the basic principles of Florida car insurance. Less common
are car insurance policies that value a vehicle by a stated or agreed amount.
Actuary: A statistician utilized by insurance companies to assist in determining a profitable rate for an insurance
contract. As computer speed and software applications have improved the actuaries are better able to analyze data
and determine rates more accurately. These improvements help reduce cost for everyone.
Add-On: Additional coverage not part of the basic insurance contract. Naturally, the more coverage you request,
the higher your Florida auto insurance quote will be. Always be mindful of all the coverage you are buying so as not
to get stuck paying for an add-on you do not want.
Additional Insured (additional Interest): A party other than the policyholder entitled to receive benefits from an
insurance contract.
Adjuster: A person who assists policyholders and insurance companies in the settlement of claims.
Admitted Company: An insurance company that is licensed by the state in which it conducts business.
Admitted Market: This term refers to the variety of insurance products available to consumers through companies
licensed by the state.
Adverse Carrier: The other party’s insurance company is indicated by this term.
Adverse Selection: This relates to the predisposition of consumers with higher risk to purchase insurance in
greater amounts than those with lower risk.
Adverse Underwriting Decision: A conclusion by an insurance company that is associated with a specific risk and
is unfavorable to the insured.
After-Market Parts: Replacement parts which are not made by the original manufacturer.
Agency: The place where insurance agents conduct business on behalf of consumers and insurance companies.
Agency Company: An insurance company that transacts business through an insurance agency.
Agency Contract: A legal document outlining the responsibilities between an insurance agency and insurance
company.
Agent: A person licensed and engaged in the business of insurance.
Agent’s Appointment: A declaration by an insurance company that grants authority to an insurance agent to
represent the company.
Agent’s Authority: The scope of permissible acts by an insurance agent granted by an insurance company.
Agent’s License: The credential granted by the state to persons who are authorized to conduct the business of
insurance.
Agreed Price: The predetermine value of an object (car) as agreed to by the policyholder and insurance company.
Alien Insurance Company: An insurance company domiciled in and bound by the laws from a place other than
where they conduct business.
All-Risks Policy: An insurance policy that pays for damages caused by any type of occurrence.
Alternative Dispute Resolution: A method such as mediation and arbitration to settle disputes without the need
for a lawsuit.
Amendment: A modification of the original policy contract.
Anti-Lock braking system: A vehicle safety feature which helps prevent the loss of control when brakes are applied
suddenly and forcefully.
Anti-Rebating laws: Statutes which prohibit insurance agents from returning commission earned to the policyholder
as an inducement to purchase.
Anti-theft Device: Equipment designed to prevent, deter or recover stolen property.
Antique Car Insurance: Vehicles that are 25 years or older and do not deviate substantially from factory available
equipment or accessories for the model year are considered Antique Vehicles. Included in this category are Muscle
Cars which are typically high performance, two-door vehicles powered by large V-8 engines and manufactured in the
1960’s and 1970’s.
Application: Insurance company document utilized to present information about a specific risk to determine
eligibility and premium.
Apportionment: The pro-rata share of responsibility between two or more insurance companies.
Appraisal: The determination of the value of property to be insured or the amount to be paid as settlement after a
claim.
Arbitration: An insurance policy clause that determines how a claim is to be settled if there is a dispute.
Assigned Risk: A risk unacceptable to any insurance company and combined with other such risks whereby all
companies are assigned a portion of the risk.
Assured: The beneficiary of an insurance contract i.e. insured, policyholder.
At-Fault: The party responsible for causing an accident.
Authorized Insurer: An insurance company granted permission by a state to sell specific types of insurance within
that state.
Auto Insurance in Florida: A popular keyword phrase to find the best auto insurance in the state of Florida.
Auto Insurance Score: Algorithm which draws upon information contained in credit bureaus and utilized to assist in
determining rates,
Automobile Insurance Plans: The name commonly used for assigned risk policies (see assigned risk).
Automobile Insurance Premium Discounts: Reduces the base price for an automobile insurance policy for a
variety of reasons e.g. safety devices, anti-theft equipment, low mileage, etc...
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Florida Auto Plus Insurance, Simply the best.
Local map and directions: 9742 Banyan street Miami, Florida 33157
Call us now. You'll be glad you did.
1-877-WIZ-AUTO.com
Local map and directions: 9742 Banyan street Miami, Florida 33157
Call us now. You'll be glad you did.
1-877-WIZ-AUTO.com
Clifford J. Schimek - Lower your car insurance cost for life.
Clients enjoy a level of personal attention and first class service that most other agencies simply cannot match.
I want to be your personal local Florida auto insurance agent and earn your trust and respect.
Searching for Auto Insurance Florida, look no further.
Clients enjoy a level of personal attention and first class service that most other agencies simply cannot match.
I want to be your personal local Florida auto insurance agent and earn your trust and respect.
Searching for Auto Insurance Florida, look no further.