The Florida Insurance Glossary, designed to help Florida residents better understand the terms used.
Occurrence: An event that triggers payment from an insurance contract.
Original Equipment: Equipment installed by the original manufacturer of a motor vehicle.
Open Perils: Coverage that applies in the event of any peril or hazard as opposed to named perils that are
specifically listed in a policy.
Operating Ratio: The sum of an insurance company claims payout, expenses, premium received and investment
income.
Other Than Collision Insurance: Insurance coverage for automobiles damaged by means other than striking
another object e.g. fire, theft, vandalism, etc…
Car Insurance Specialists & Florida Independent Agents
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Florida Insurance Glossary Terms "O" Florida Auto Plus Insurance Agency - "Lower your Florida car insurance cost for life"
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