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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.

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
disabled vehicle.

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
market.

Total Loss:  A vehicle that is damaged beyond repair.
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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.
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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
vehicle.

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.
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