|Florida Insurance Glossary Terms "B"
Florida Auto Plus Insurance Agency - "Lower your Florida car insurance cost for life"
Car Insurance Specialists & Florida Independent Agents
Florida Auto Plus Insurance Agency
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"Welcome, thanks for calling" - Wally
Beneficiary: A person or legal entity entitled to receive benefits from a policy. This term is most frequently used to
identify the person to whom a death benefit is paid to from life insurance. Florida minimum mandatory coverage
includes a $5,000 death benefit.
Binder: Document indicating coverage in effect prior to issuance of a policy. A binder is sufficient proof in most
circumstances. If a Florida FR-44 for DUI drivers or a Florida SR-22 requirement becomes necessary, the DMV
requires proof to be provided directly to them in an electronic format.
Binding authority: The authority given to an agent to effect insurance prior to the issuance of a policy. Florida
Auto Plus Insurance has binding authority in all Florida cities and towns.
Bodily Injury: A persons physical injuries.
Bodily Injury Liability: Coverage that protects the policyholder. It’s critical to secure the right amount to properly
protect against lawsuits should you injure someone in an at-fault accident.
Book of Business: The accumulated policies in an agency or company. Long term low rates enables
accumulation of a large number of clients over time. Car insurance in Miami Florida accounts for the largest
percentage of our book of business.
Broker: A person or entity which facilitates the transaction of insurance between the policyholder and company.
Florida Auto Plus Insurance is classified as a resident licensed agency in Florida.
Business Auto Policy: Contract designed to protect the interests of a business owner associated with the risks of
owning and using motor vehicles.
Buy-Back Deductible: Additional coverage which reduces or eliminates the deductible from a primary policy.
This is usually a high commission product for the agent and does not represent a good value for the consumer.
Always ask lots of questions about your Florida auto insurance quote to make sure you know exactly what you’re