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Florida Insurance Glossary Terms "A"
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Accident:  A sudden and unintended impact at a specific time and location. They are an unfortunate part of life
almost every driver will experience at some time.

Accident Forgiveness:  Elimination of a premium surcharge. This particular discount tends to become more
valuable as you renew. Carefully examine features, benefits, discounts, etc… as these items are slightly different
from each company.

Accident frequency:  The number of incidents in a specific time period. Severe habitual offenders may only
be able to find coverage from the state assigned risk pool the
Florida Automobile Joint Underwriting Association.

Accident Report Form:  A document indicating the facts. It's a good idea to always have pen and paper available
in your car to make notes at the scene. Always have a current identification card in your vehicle.

Accident Severity:  A measurement designed to quantify the significance of a claim. Most will forgive minor ones
with small payouts and not increase price. When an incident occurs with very minor damage that will not exceed
the deductible, most drivers will not report this, and choose to pay for it "out of pocket."

Accidental Death Benefit (ADB):  The amount payable to a policyholder or beneficiary in the event of an
accidental death. The maximum payout provided by basic
Florida No Fault insurance is only $5,000. Many life
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
Florida auto insurance coverage.
Unlike a homeowners policy, your vehicle does not need a separate flood 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. Less common are policies that
value a vehicle by a stated or agreed amount.

Actuary:  A statistician utilized to assist in determining a profitable rate for a 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 contract. Naturally, the more coverage you request, the higher
your rate 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.

Adjuster:  A person who assists policyholders and companies in the settlement of claims.

Admitted Company:  A company that is licensed by the state in which it conducts business.

Admitted Market:  This term refers to the variety of products available to consumers through companies licensed
by the state.       

Adverse Carrier:  The other party’s company.

Adverse Selection:  This relates to the predisposition of consumers with higher risk to purchase coverage in
greater amounts than those with lower risk.

Adverse Underwriting Decision:  A conclusion by a 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 agents conduct business on behalf of consumers and companies.

Agency Company:  A company that transacts business through an agency.

Agency Contract:  A legal document outlining the responsibilities between an agency and a
company.                             

Agent:  A person licensed and engaged in the business of insurance.

Agent’s Appointment:  A declaration by a company that grants authority to an agent to represent the company.

Agent’s Authority:  The scope of permissible acts by an agent granted by a 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 the company.

Alien Insurance Company:  A company domiciled in and bound by the laws from a place other than where they
conduct business.

All-Risks Policy:  A 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 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:  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 companies.

Appraisal:  The determination of the value of property to be insured or the amount to be paid as settlement after a
claim.

Arbitration:  A policy clause that determines how a claim is to be settled if there is a dispute.  

Assigned Risk:  
A risk unacceptable to any carrier and combined with other such risks whereby they are all
assigned a portion of the risk.

Assured:  The beneficiary of an contract i.e. insured, policyholder.

At-Fault:  The party responsible for causing an accident.

Authorized Insurer:  A carrier granted permission by a state to sell specific types of policies within that state.

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:  Saves you money by reducing the base price of a policy for a
variety of reasons e.g. safety devices, anti-theft equipment, low mileage, etc...
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