|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
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.
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.