The Florida Insurance Glossary, designed to help Florida residents better understand the terms used.
Captive Agent: An insurance agent authorized to represent one insurance company. Florida Auto Plus Insurance
is an independent agent offering a choice from among the best companies. State Farm and Allstate are examples of
companies that utilize captive agents.
Cancellation: The termination of an insurance policy prior to its expiration date. Cancelling a car insurance policy
without replacing coverage on a Florida registered vehicle will get the vehicle owner’s drivers license suspended. In
addition to a higher Florida auto insurance quote due to no proper insurance, a reinstatement fee for the license will
have to be paid.
Car Insurance in Florida: The particular type of auto insurance required for all Florida residents. Car insurance in
Miami and car insurance in Jacksonville account for the most policies in the state as these are the two largest cities.
Florida is the third largest market for car insurance behind California and Texas. Rates for drivers vary dramatically
in different geographic parts of the State.
Carrier: This is another term used for an insurance company. As independent agents, Florida auto Plus Insurance
agency represents a number of quality companies. Our agency and insurance companies service clients throughout
all cities and neighborhoods in Florida.
Catastrophe: This is a term used to indicate a major event causing severe damage and the resulting insurance
payout. Here in Florida, hurricanes are the catastrophe we’re most exposed to. It’s important to have the right type of
insurance coverage to be fully protected in the event of a hurricane.
Certificate of Financial Responsibility: A document indicating insurance coverage required by and submitted to
a governing authority. Florida form SR-22 and Florida form FR-44 are the two common documents used to provide
proof of insurance to the Florida DMV. Certification of responsibility through these documents are only required for
drivers meeting certain criteria.
Certificate of Insurance: A document utilized to illustrate proof of insurance for a policyholder. This document is
generally used by a contractor to submit proof of insurance to a client before commencing work. Typically higher
liability limits than the Florida minimum mandatory requirement will be necessary.
Citizens Property Insurance Company: The government corporation providing insurance for property owners that
can not secure a policy from a private company.
Claim: Term used to indicate a specific event and subsequent process for a payout from an insurance policy.
Naturally, the more claims you have the higher your insurance premium will be. Claims don’t stay on your record
permanently, so, it’s important to check rates frequently as part of a long-term strategy to reduce rates.
Claim Adjuster: A person responsible for facilitating a payout from an insurance policy due to a covered event.
Claimant: The policyholder or third party seeking an insurance payout for a covered event.
Classic Car Insurance: Automobiles that are 15 to 24 years old and do not deviate substantially from factory
available equipment or accessories for the model year are considered Classic or Modern Classic Vehicles. Vehicles
eligible in class will typically have 2 doors. Four-door cars may be eligible with underwriter approval.
Clue Report: An acronym for claims loss underwriting exchange and utilized in the underwriting process.
Information uncovered in the CLUE report may affect the car insurance premium. It’s important to ask questions
regarding car insurance quotes and the reports used to calculate rates. Incorrect information on reports can lead to
an unfair rate being applied.
Collision Damage Waver: Term utilized when renting a vehicle to indicate that the renter is not responsible for any
part of physical damage to the rented vehicle in the event of an accident.
Collision Insurance: Physical damage coverage for an automobile in the event another object is struck. This is
one of the basic types of coverage available on a car insurance policy. It’s important to learn the basics of car
insurance before making a purchase. An educated consumer always has an advantage.
Combined Ratio: The sum of an insurance company claims payout and expenses utilized to indicate profitability.
Combined Single Limit: This term is used to express the maximum payout available from an auto insurance policy
for bodily injury and physical damage the policyholder becomes legally obligated to pay.
Commissions: Compensation received by an insurance agent from an insurance company for the sale of an
insurance policy.
Commercial Lines: Distinguishes insurance products sold to businesses and entrepreneurial endeavors as
opposed to individuals.
Commissioner of Insurance: The person (i.e. official) responsible for the administration of insurance regulation in
a particular state.
Comparative Negligence: The degree of responsibility assigned to different parties for the purpose of insurance
payouts.
Compensatory Damages: The monetary award designed to compensate the claimant for injuries sustained.
Competitive Replacement Parts: Automobile parts produced by a company other than the original manufacturer.
Comprehensive Physical Damage: Insurance coverage for an automobile from physical damage or loss resulting
from something other than a collision e.g. theft, fire.
Compulsory Auto Insurance: The minimum mandatory coverage required by law in each state.
Contributory Negligence: The failure of a claimant to adequately protect themselves resulting in partial
responsibility for an accident or loss.
Coverage: Term used to describe the protection afforded in an insurance contract.
Customized Vehicle: A motor vehicle equipped with different and/or additional parts/features other than the
original manufactured vehicle.
Countersignature: The authorized signature of an agent or company representative on an insurance policy.
Covered Loss: This term is used to describe an event which initiates the payout from an insurance contract.
Credit Score: A number assigned by credit reporting agencies and utilized in the underwriting process (see
insurance score).
Captive Agent: An insurance agent authorized to represent one insurance company. Florida Auto Plus Insurance
is an independent agent offering a choice from among the best companies. State Farm and Allstate are examples of
companies that utilize captive agents.
Cancellation: The termination of an insurance policy prior to its expiration date. Cancelling a car insurance policy
without replacing coverage on a Florida registered vehicle will get the vehicle owner’s drivers license suspended. In
addition to a higher Florida auto insurance quote due to no proper insurance, a reinstatement fee for the license will
have to be paid.
Car Insurance in Florida: The particular type of auto insurance required for all Florida residents. Car insurance in
Miami and car insurance in Jacksonville account for the most policies in the state as these are the two largest cities.
Florida is the third largest market for car insurance behind California and Texas. Rates for drivers vary dramatically
in different geographic parts of the State.
Carrier: This is another term used for an insurance company. As independent agents, Florida auto Plus Insurance
agency represents a number of quality companies. Our agency and insurance companies service clients throughout
all cities and neighborhoods in Florida.
Catastrophe: This is a term used to indicate a major event causing severe damage and the resulting insurance
payout. Here in Florida, hurricanes are the catastrophe we’re most exposed to. It’s important to have the right type of
insurance coverage to be fully protected in the event of a hurricane.
Certificate of Financial Responsibility: A document indicating insurance coverage required by and submitted to
a governing authority. Florida form SR-22 and Florida form FR-44 are the two common documents used to provide
proof of insurance to the Florida DMV. Certification of responsibility through these documents are only required for
drivers meeting certain criteria.
Certificate of Insurance: A document utilized to illustrate proof of insurance for a policyholder. This document is
generally used by a contractor to submit proof of insurance to a client before commencing work. Typically higher
liability limits than the Florida minimum mandatory requirement will be necessary.
Citizens Property Insurance Company: The government corporation providing insurance for property owners that
can not secure a policy from a private company.
Claim: Term used to indicate a specific event and subsequent process for a payout from an insurance policy.
Naturally, the more claims you have the higher your insurance premium will be. Claims don’t stay on your record
permanently, so, it’s important to check rates frequently as part of a long-term strategy to reduce rates.
Claim Adjuster: A person responsible for facilitating a payout from an insurance policy due to a covered event.
Claimant: The policyholder or third party seeking an insurance payout for a covered event.
Classic Car Insurance: Automobiles that are 15 to 24 years old and do not deviate substantially from factory
available equipment or accessories for the model year are considered Classic or Modern Classic Vehicles. Vehicles
eligible in class will typically have 2 doors. Four-door cars may be eligible with underwriter approval.
Clue Report: An acronym for claims loss underwriting exchange and utilized in the underwriting process.
Information uncovered in the CLUE report may affect the car insurance premium. It’s important to ask questions
regarding car insurance quotes and the reports used to calculate rates. Incorrect information on reports can lead to
an unfair rate being applied.
Collision Damage Waver: Term utilized when renting a vehicle to indicate that the renter is not responsible for any
part of physical damage to the rented vehicle in the event of an accident.
Collision Insurance: Physical damage coverage for an automobile in the event another object is struck. This is
one of the basic types of coverage available on a car insurance policy. It’s important to learn the basics of car
insurance before making a purchase. An educated consumer always has an advantage.
Combined Ratio: The sum of an insurance company claims payout and expenses utilized to indicate profitability.
Combined Single Limit: This term is used to express the maximum payout available from an auto insurance policy
for bodily injury and physical damage the policyholder becomes legally obligated to pay.
Commissions: Compensation received by an insurance agent from an insurance company for the sale of an
insurance policy.
Commercial Lines: Distinguishes insurance products sold to businesses and entrepreneurial endeavors as
opposed to individuals.
Commissioner of Insurance: The person (i.e. official) responsible for the administration of insurance regulation in
a particular state.
Comparative Negligence: The degree of responsibility assigned to different parties for the purpose of insurance
payouts.
Compensatory Damages: The monetary award designed to compensate the claimant for injuries sustained.
Competitive Replacement Parts: Automobile parts produced by a company other than the original manufacturer.
Comprehensive Physical Damage: Insurance coverage for an automobile from physical damage or loss resulting
from something other than a collision e.g. theft, fire.
Compulsory Auto Insurance: The minimum mandatory coverage required by law in each state.
Contributory Negligence: The failure of a claimant to adequately protect themselves resulting in partial
responsibility for an accident or loss.
Coverage: Term used to describe the protection afforded in an insurance contract.
Customized Vehicle: A motor vehicle equipped with different and/or additional parts/features other than the
original manufactured vehicle.
Countersignature: The authorized signature of an agent or company representative on an insurance policy.
Covered Loss: This term is used to describe an event which initiates the payout from an insurance contract.
Credit Score: A number assigned by credit reporting agencies and utilized in the underwriting process (see
insurance score).
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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.
| Florida Insurance Glossary Terms "C" Florida Auto Plus Insurance Agency - "Lower your Florida car insurance cost for life" |