|Florida Insurance Glossary Terms "I"
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Independent Adjuster: An independent contractor who facilitates the claims process
Independent Agent: An agent that represents a variety of carriers.
Independent Insurance Agents of America (IIAA): One of several professional associations for independent
Indirect Damage: A loss associated with a covered peril that was not caused directly from the peril e.g. water
damage from extinguishing a fire.
Inspection Report: Vehicle inspection reports are required for car insurance in Miami Florida and for all of the
following counties; Duval, Palm Beach, Broward, Miami-Dade, Orange, Hillsborough, and Pinellas when physical
damage coverage is requested.
Insurable Interest: A person or entity which stands to suffer a financial loss due to a covered peril.
Insurable Risk: A risk which is acceptable for coverage (fire, theft vandalism, etc…).
Insurance: In the broadest sense, this is a term which denotes a transfer of risk from an individual or entity to a
Insurance Contract: The legal and binding agreement between the policyholder and the company.
Insurance Institute for Highway Safety: “The Insurance Institute for Highway Safety is an independent,
nonprofit, scientific, and educational organization dedicated to reducing the losses — deaths, injuries, and property
damage — from crashes on the nation's highways.” www.iihs.org
Insurance Policy: Document which contains the contract between the policyholder and company.
Insurance Score: Algorithm which draws upon information from credit bureaus to assist in determining rates.
Insured: The person or entity which subscribes to a contract with a company, i.e. policyholder.
Insurer: The company which subscribes to a contract with an individual or entity.