The Florida Insurance Glossary, designed to help Florida residents better understand the terms used.
Lapse: A termination of a policy due to non-payment of premium.
Leased vehicle: A vehicle obtained by a contract as opposed to a purchase.
Legal Liability: Liability obligatory by law.
Liability Insurance: A transfer of risk associated with the payment to others for negligent or accidental loss to an
insurance company.
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 of an insurance policy.
Livery Use: The use of a motor vehicle to carry persons for a fee e.g. taxi cab.
Lloyd’s of London: An association of individuals or groups that underwrite insurance policies.
Loss: An unintentional decline or elimination of value after a specific occurrence.
Loss Adjustment Expenses: The administrative payments by an insurance company 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 Reserves: An insurance 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.
Lapse: A termination of a policy due to non-payment of premium.
Leased vehicle: A vehicle obtained by a contract as opposed to a purchase.
Legal Liability: Liability obligatory by law.
Liability Insurance: A transfer of risk associated with the payment to others for negligent or accidental loss to an
insurance company.
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 of an insurance policy.
Livery Use: The use of a motor vehicle to carry persons for a fee e.g. taxi cab.
Lloyd’s of London: An association of individuals or groups that underwrite insurance policies.
Loss: An unintentional decline or elimination of value after a specific occurrence.
Loss Adjustment Expenses: The administrative payments by an insurance company 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 Reserves: An insurance 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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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.