Florida Insurance Glossary Terms "D"
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Damage:  The loss or harm to a person or property. Actual cash value is the formula most often used to determine
the maximum payout for vehicle damage.
Knowing car insurance basics is important for all drivers and vehicle

Damages:  The monetary amount that one person or entity becomes legally obligated to pay to another. That’s
right…damages for the damage. It’s important to consider the amount of bodily injury liability when making a
decision. Higher limits providing greater protection are always worthy of consideration.

Death Benefit:  The amount payable in the event of a death. Minimum required Florida No-Fault insurance
includes a death benefit of $5,000. Options and third party add-ons can provided to increase the limit for an
additional premium. Generally, they pay a benefit in the event of accidental death only.

Declarations Page:  Identifies the characteristics of a specific risk. Lots of documents and papers are part of your
policy, but the declarations page is the most important. Keep them in a safe place and hold on to previous ones as
your policy renews. Discounts are typically increased the longer you have continuous insurance without a lapse.
Have the proof you need to keep your cost low.

Deductible:  The portion of damages paid by the policyholder before the carrier begins to pay. Choosing a
deductible that best suits your needs will depend on your budget and tolerance for risk. When shopping for a
Florida car insurance quote, always compare the same coverages and deductibles.

Depreciation:  The value assigned to property (car) when new, less a deduction for age. As your car gets older,
it’s worth less, and a payout for a total loss will therefore be less. When considering physical damage for your car,
a good
question and answer for your insurance quote is how much the car is worth.

Direct Writer:  Companies that utilize employees or captive agents to sell products. Geico is an example of a
direct writer.

Direct Pay:  Automatic electronic funds transfer method of premium payments. Usually there is a discount when
this payment method is selected.

Discounts:  A reduction in the base premium for a variety of reasons e.g. anti-lock brakes, passive restraint
system. Applying all available discounts is an important factor in keeping rates low.

Domestic Insurance Company:  Incorporated in the state where they transact business. It’s always a good idea
to check the status of your company, agent, or agency for licensure with the Florida Department of Insurance and
financial Services. Florida Auto Plus Insurance is a Florida licensed agency.

Drive Other Car Endorsement:  Enhanced coverage on a business auto policy providing coverage for named
individuals driving vehicles not owned by the company.

Duty to Defend:  The company’s obligation to defend a policyholder in the event of a lawsuit.
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