Florida Insurance Glossary Terms "C"
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Captive Agent:  An agent authorized to represent one company solely. Florida Auto Plus Insurance is an
independent agent offering a choice from among the best companies. State Farm and Allstate are examples of
companies that utilize captive agents.

Cancellation:  The termination of a policy prior to its expiration date. Cancelling a policy without replacing
coverage on a Florida registered vehicle will get the vehicle owner’s driver license suspended.
In addition to a higher
Florida auto insurance quote due to no proper prior insurance, a reinstatement fee for the
license will have to be paid.

Carrier:  This is another term used for an insurance company.

Catastrophe:  Indicates a major event causing severe damage and the resulting payout.

Certificate of Financial Responsibility:  A document indicating coverage required by and submitted to a
governing authority.
Florida form SR-22 and Florida form FR-44 are the two common documents used to provide
proof of insurance to the Florida DMV. Certification of responsibility through these documents are only required for
drivers meeting certain criteria.

Certificate of Insurance:  A document utilized to illustrate proof of insurance for a policyholder. This document is
generally used by a contractor to submit proof to a client before commencing work.

Citizens Property Insurance Company: The government corporation providing insurance for property owners
that can not secure a policy from a private company.  

Claim:  Term used to indicate a specific event and subsequent process for a payout from a policy. Naturally, the
more claims you have the higher your premium will be. Claims don’t stay on your record permanently, so, it’s
important to check rates frequently as part of a long-term strategy to reduce rates.

Claim Adjuster:  A person responsible for facilitating a payout from a policy due to a covered event.

Claimant:  The policyholder or third party seeking a payout for a covered event.  

Classic Car Insurance:
 Automobiles that are 15 to 24 years old and do not deviate substantially from factory
available equipment or accessories for the model year. Vehicles eligible in this class will typically have 2 doors.
Four-door cars may be eligible with underwriter approval.

Clue Report: An acronym for "claims loss underwriting exchange" and utilized in the underwriting process.
Information uncovered in the CLUE report may affect the premium. It’s important to
ask questions regarding car
insurance quotes and the reports used to calculate rates. Incorrect information can lead to an unfair rate being

Collision Damage Waiver:  Term utilized when renting a vehicle to indicate that the renter is not responsible for
any part of physical damage to the rented vehicle in the event of an accident.

Collision Insurance:  
Physical damage coverage for an automobile in the event another object is struck. This is
one of the basic types of coverage available. It’s important to
learn the basics of car insurance before making a
purchase. An educated consumer always has an advantage.

Combined Ratio:  The sum of a company's claims payout and expenses utilized to indicate profitability.

Combined Single Limit:  This term is used to express the maximum payout available for bodily injury and physical

Commissions:  Compensation received by an agent from a company for the sale of a policy.

Commercial Lines:  Distinguishes products sold to businesses and entrepreneurial endeavors as opposed to

Commissioner of Insurance:  The person (i.e. official) responsible for the administration of insurance regulation
in a particular state.

Comparative Negligence:  The degree of responsibility assigned to different parties for the purpose of claims

Compensatory Damages:  The monetary award designed to compensate the claimant for injuries sustained.

Competitive Replacement Parts:  Automobile parts produced by a company other than the original

Comprehensive Physical Damage:  Coverage for an automobile from physical damage or loss resulting from
something other than a collision e.g. theft or fire.

Compulsory Auto Insurance:  The minimum mandatory coverage required by law in each state.

Contributory Negligence:  The failure of a claimant to adequately protect themselves resulting in partial
responsibility for a loss.

Coverage:  Term used to describe the protection afforded in an insurance contract.

Customized Vehicle:  A motor vehicle equipped with different and/or additional parts/features other than the
original manufactured vehicle.

Countersignature:  The authorized signature of an agent or company representative on a policy.  

Covered Loss:  This term is used to describe an event which initiates the payout from an insurance contract.  

Credit Score:  A number assigned by credit reporting agencies and utilized in the underwriting process (see
insurance score).
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