Florida Insurance Glossary Terms "F,G,H"
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Fair Credit Reporting Act:  Law that requires companies to inform consumers when credit reports are accessed.

Field adjuster:  A claim adjuster that primarily works outside the company offices.

Financial Responsibility Clause:  A clause that stipulates compliance with the financial responsibility laws of a
given state.

Financial Responsibility Law:  The minimum statutory limits of protection required by operators of motor vehicles
in a given state.

First Party Coverage:  Coverage for the policyholders own property or person.

Flat Cancellation:  A rescission of a policy and the return of the entire premium to the policyholder.

Fleet Policy:  A business auto insurance policy for multiple vehicles, usually five or more.

Flood:  When two or more acres of normally dry land are swamped by water.

Forced Placed insurance:  A policy placed by a bank or creditor when the debtor fails to maintain insurance on
collateral property (financed or leased vehicle).

Foreign Insurance Company:  A company is licensed in a state other than the state where it does business.

Fraud:  Intentional lying or concealment by a claimant to obtain payment from carrier.

Frequency:  The number of times a loss has occurred in a given time period.
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Gap Insurance:  Optional coverage that pays the difference between the actual cash value of the vehicle and
what is owed to the leasing or finance company.

Good Student Discount:  Offered for youthful operators that are students and maintain good grades, usually a B
or 3.0 GPA or better.

Grace Period:  A period of time a contract remains in effect after expiration, and before a renewal premium is paid
(no grace period for automobile policies).

Guaranty Fund: A method whereby solvent insurers pay claims to policyholders of failed companies.
Hard market:  A condition in the marketplace where available insurance is in short supply and expensive.

Hazard:  A condition or environment that increases the chance of a loss/payout.

Hired Auto:  Optional coverage on a business auto policy that extends coverage to motor vehicles that are rented,
borrowed or leased by the business.

Hold Harmless:  A legal term which describes a condition or provision whereby an individual or corporation
accepts all future responsibilities after a claim has been settled.

Hybrid Vehicle: Uses two or more distinct power sources to attain increased fuel efficiency.
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