Florida Insurance Glossary Terms "J,K,L"
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Jacket:  Term commonly used to describe the small booklet that accompanies a policy explaining all the terms and
provisions. Visit our
Learning Basics and Saving Money section of our site to learn more details.

Joint and Several Liability:  A legal principle by means of which a claimant may sue one or more parties
separately or together.

Joint Underwriting Association (JUA):  A state insurance pool for risks unacceptable by companies.

Judgment:  A determination by a court of law obligating or affirming a debt. If you are in an at fault accident and
do not have proper liability insurance, a judgment against you can cause your license to be suspended and
SR22 insurance to reinstate may be required.
305 278 1388
Kick-Back:  Slang word meaning to return or pay back, as in a return of a portion of commission as an inducement
to a prospective client to purchase.  Also known as rebating which is illegal in Florida.  
Lapse: A termination of a policy due to non-payment of premium.

Lien:  A legal claim to someone else’s property.

Lien holder:  The person or entity which has a legal claim to someone else’s property.

Limits:  The maximum payout as stated in the declarations page. Florida minimum car insurance of PIP and PD
(Personal Injury Protection and Property Damage Liability) is required to register a vehicle in this State.

Livery Use:  The use of a motor vehicle to carry persons for a fee e.g. taxicab, Uber, Lyft

Lloyd’s of London:  An association of individuals or groups that underwrite policies.

Loss Adjustment Expenses:  The administrative payments to settle a claim.

Loss Experience:  The historical amount of the payment of claims for a specific time period.

Loss Frequency:  The number of claims for a specific time period.

Loss Ratio:  The sum of claims payments in relation to the premium received for a specific time period. Loss ratio
results for specific classes of risk greatly influences the premium rates for that group. When DUI convicted
drivers were separated into their specific risk group when the State began to require
Florida FR44 insurance
exclusively, for them rates actually came down.

Loss Reserves:  A company’s estimate of what it will pay for claims.

Lost Policy Release:  A statement by an insured that wants to cancel a policy but is unable to return the policy to
the company.  
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