|Florida Insurance Glossary Terms "T,U,V"
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Third Party: The insured and insurance company is referred to as the first and second party and others are the
Third Party Claim: A claim brought about from someone other than the policyholder.
Tort: An intentional or negligent wrongdoing that results in personal injury or property damage.
Third Party Administrator: A person or entity that provides administrative services for an insurance company.
Towing and labor Coverage: Optional coverage which reimburses for towing and emergency expenses for a
Tight Market: A condition where available insurance is in short supply and expensive i.e. hard market. In a soft
market the opposite occurs and right now car insurance quotes in Florida reflect a transition from a hard to soft
Total Loss: A vehicle that is damaged beyond repair.
Underinsured Motorist Coverage: Provides benefits for insured’s bodily injury in the event an at-fault driver
has inadequate liability limits or was a “hit and run” driver.
Underlying Insurance Policy: Provides initial benefits for a claim.
Underlying Limits: The maximum limits available on an underlying policy.
Underwriter: The person responsible for accepting, declining and rating.
Unearned Premium: That portion which is returned to a policyholder in the event of a cancellation.
Uninsurable Risk: A risk that is unacceptable.
Valued Policy: An insurance contract that requires the insurer to pay full face value of the policy in the event of a
total loss regardless of the actual cash value of the property.
Vehicle Identification Number (VIN): A unique 17 letter/digit combination number assigned to every motor
Vicarious Liability: When one person or entity is responsible for another e.g. a parent and child.
Void: Term used to describe a rescission of a policy from inception.