Florida Insurance Glossary Terms "B"
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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
305 278 1388
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