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Florida Insurance Glossary Terms "I"
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Independent Adjuster:  An independent contractor who facilitates the claims process

Independent Agent:  An agent that represents a variety of carriers.

Independent Insurance Agents of America (IIAA):  One of several professional associations for independent
agents.  

Indirect Damage:  A loss associated with a covered peril that was not caused directly from the peril e.g. water
damage from extinguishing a fire.

Inspection Report:  Vehicle inspection reports are required for car insurance in Miami Florida and for all of the
following counties; Duval, Palm Beach, Broward, Miami-Dade, Orange, Hillsborough, and Pinellas when physical
damage coverage is requested.

Insurable Interest:  A person or entity which stands to suffer a financial loss due to a covered peril.

Insurable Risk:  A risk which is acceptable for coverage (fire, theft vandalism, etc…).

Insurance:  In the broadest sense, this is a term which denotes a transfer of risk from an individual or entity to a
company.  

Insurance Contract:  The legal and binding agreement between the policyholder and the company.

Insurance Institute for Highway Safety:  “The Insurance Institute for Highway Safety is an independent,
nonprofit, scientific, and educational organization dedicated to reducing the losses — deaths, injuries, and property
damage — from crashes on the nation's highways.”  http://www.iihs.org

Insurance Policy:  Document which contains the contract between the policyholder and company.

Insurance Score:  Algorithm which draws upon information from credit bureaus to assist in determining rates.

Insured:  The person or entity which subscribes to a contract with a company, i.e. policyholder.  

Insurer:  The company which subscribes to a contract with an individual or entity.
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