The Florida Insurance Glossary, designed to help Florida residents better understand the terms used.
Earned Premium: That portion of premium earned by the company during an in force contract. When an insurance
contract ends the company retains the earned premium and returns to the policyholder the unearned premium. How
earned premiums are calculated is governed by Florida auto insurance law.
Effective Date: The date when the insuring agreement between the company and policyholder becomes effective.
All car insurance policies effective date commences at 12:01 A.M. to ensure an orderly transition from one company
to another. Frequent monitoring of rates and changes to other carriers will help lower your car insurance cost for life.
Electronic Funds Transfer: A convenient and automatic method of remitting insurance premium to the company.
Insurance companies tend to retain their policies longer when this method of payment is utilized. Most companies will
offer a Florida car insurance quote with a discount for this payment method.
Emergency Road Service: Optional, additional coverage on an auto insurance policy providing benefits when an
automobile becomes disabled. Exercising this benefit form your company will result in a claim being submitted. This
action can have an adverse impact on your rates. Still, sometimes this option is not expensive and provides good
coverage making it valuable. Car insurance quote questions and answers should include what is covered in the
roadside service option.
Employers’ Non-Ownership Liability: Provides coverage on a business auto policy when employees use vehicles
not owned by the company. Often an employee will only have the minimum coverage mandated by Florida No Fault
law. This coverage does not provide for any bodily injury liability laving the business completely exposed to a law suit.
Endorsement: A change to the initial insurance contract. Many different types of changes on the car insurance
policy will result in a premium adjustment which is applied pro-rata. If the garaging address on the policy changes
from Tallahassee to a car insurance policy in Miami, the premium will increase but only for that period while in Miami.
Estimate: A quote for insurance premium subject to change after review (underwriting) by the insurance company.
All car insurance quotes are estimates until a policy is issued. This is the same no matter what city or town a Florida
car insurance transaction occurs.
Examination Under Oath: The insurance company’s’ right to question the policyholder under oath after a loss.
Florida Auto Plus Insurance agency does not get involved in the investigation and examination of policyholders after
a loss. Insurance companies have the right to deny a claim if a policyholder does not cooperate.
Excess Insurance: An insurance policy which pays after the limits of the initial policy is exhausted. The policy which
pays first is called the primary policy. PIP protection is considered primary in Florida and is exhausted first before
other medical coverage is applied. If you have a Florida car insurance policy in Jacksonville and get slammed by a
city owned vehicle a law suit against the city comes after your PIP benefits are used.
Excess or surplus lines market: The variety of insurance products available through companies that are not
licensed in a particular state where the insurance is transacted. A Florida insurance company is required when an
SR 22 form filing or an FR 44 form filing is required. These forms must be submitted electronically by a Florida
licensed insurance company.
Exclusion: A situation or event that is not covered by the insurance policy. Understanding exactly what is and what
is not covered in your car insurance policy will help you at the time of an accident or loss. Understanding all the
Florida auto insurance basics will encourage a pleasant auto insurance policy experience.
Exclusive Agent: An insurance agent that represents one company.
Exclusive Agency System: An insurance company that distributes their products through exclusive agents.
Expense Ratio: The administrative expenses incurred by an insurance company selling and servicing their
policies.
Expiration Date: The date which an insurance policy and the insuring agreement end, usually six months or one
year from the effective date.
Experience: The accumulated claims payout from an insurance company for a specific time period.
Exposure: Term used to reference the risk associated with an insurance policy.
Extended Non-Owner Liability: An endorsement on an auto insurance policy that broadens coverage to include
non-owned vehicles.
Earned Premium: That portion of premium earned by the company during an in force contract. When an insurance
contract ends the company retains the earned premium and returns to the policyholder the unearned premium. How
earned premiums are calculated is governed by Florida auto insurance law.
Effective Date: The date when the insuring agreement between the company and policyholder becomes effective.
All car insurance policies effective date commences at 12:01 A.M. to ensure an orderly transition from one company
to another. Frequent monitoring of rates and changes to other carriers will help lower your car insurance cost for life.
Electronic Funds Transfer: A convenient and automatic method of remitting insurance premium to the company.
Insurance companies tend to retain their policies longer when this method of payment is utilized. Most companies will
offer a Florida car insurance quote with a discount for this payment method.
Emergency Road Service: Optional, additional coverage on an auto insurance policy providing benefits when an
automobile becomes disabled. Exercising this benefit form your company will result in a claim being submitted. This
action can have an adverse impact on your rates. Still, sometimes this option is not expensive and provides good
coverage making it valuable. Car insurance quote questions and answers should include what is covered in the
roadside service option.
Employers’ Non-Ownership Liability: Provides coverage on a business auto policy when employees use vehicles
not owned by the company. Often an employee will only have the minimum coverage mandated by Florida No Fault
law. This coverage does not provide for any bodily injury liability laving the business completely exposed to a law suit.
Endorsement: A change to the initial insurance contract. Many different types of changes on the car insurance
policy will result in a premium adjustment which is applied pro-rata. If the garaging address on the policy changes
from Tallahassee to a car insurance policy in Miami, the premium will increase but only for that period while in Miami.
Estimate: A quote for insurance premium subject to change after review (underwriting) by the insurance company.
All car insurance quotes are estimates until a policy is issued. This is the same no matter what city or town a Florida
car insurance transaction occurs.
Examination Under Oath: The insurance company’s’ right to question the policyholder under oath after a loss.
Florida Auto Plus Insurance agency does not get involved in the investigation and examination of policyholders after
a loss. Insurance companies have the right to deny a claim if a policyholder does not cooperate.
Excess Insurance: An insurance policy which pays after the limits of the initial policy is exhausted. The policy which
pays first is called the primary policy. PIP protection is considered primary in Florida and is exhausted first before
other medical coverage is applied. If you have a Florida car insurance policy in Jacksonville and get slammed by a
city owned vehicle a law suit against the city comes after your PIP benefits are used.
Excess or surplus lines market: The variety of insurance products available through companies that are not
licensed in a particular state where the insurance is transacted. A Florida insurance company is required when an
SR 22 form filing or an FR 44 form filing is required. These forms must be submitted electronically by a Florida
licensed insurance company.
Exclusion: A situation or event that is not covered by the insurance policy. Understanding exactly what is and what
is not covered in your car insurance policy will help you at the time of an accident or loss. Understanding all the
Florida auto insurance basics will encourage a pleasant auto insurance policy experience.
Exclusive Agent: An insurance agent that represents one company.
Exclusive Agency System: An insurance company that distributes their products through exclusive agents.
Expense Ratio: The administrative expenses incurred by an insurance company selling and servicing their
policies.
Expiration Date: The date which an insurance policy and the insuring agreement end, usually six months or one
year from the effective date.
Experience: The accumulated claims payout from an insurance company for a specific time period.
Exposure: Term used to reference the risk associated with an insurance policy.
Extended Non-Owner Liability: An endorsement on an auto insurance policy that broadens coverage to include
non-owned vehicles.
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Florida Auto Plus Insurance, Simply the best.
Local map and directions: 9742 Banyan street Miami, Florida 33157
Call us now. You'll be glad you did.
1-877-WIZ-AUTO.com
Local map and directions: 9742 Banyan street Miami, Florida 33157
Call us now. You'll be glad you did.
1-877-WIZ-AUTO.com
Clifford J. Schimek - Lower your car insurance cost for life.
Clients enjoy a level of personal attention and first class service that most other agencies simply cannot match.
I want to be your personal local Florida auto insurance agent and earn your trust and respect.
Searching for Auto Insurance Florida, look no further.
Clients enjoy a level of personal attention and first class service that most other agencies simply cannot match.
I want to be your personal local Florida auto insurance agent and earn your trust and respect.
Searching for Auto Insurance Florida, look no further.
| Florida Insurance Glossary Terms "E" Florida Auto Plus Insurance Agency - "Lower your Florida car insurance cost for life" |