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Brooklyn CT Auto InsuranceHelpful links and resources for finding a auto insurance in Brooklyn, CT. Brooklyn, CT Legal Directory; We're here to help you find insurance in Brooklyn, CT. |
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Insurance Information
General Agency System
An insurance distribution system where an insurer appoints a general agent to service the agents within a specified geographic area, rather than opening an insurance company branch office.
General Damages
Damages awarded to an injured person for intangible loss which cannot be measured directly by dollars. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded for actual economic loss, such as medical costs, loss of income, etc.
General Liability Insurance
Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.
Generally Accepted Accounting Principles
A set of uniform accounting rules for recording and reporting financial data to accurately represent an organization's financial condition. These standards are endorsed by the Financial Accounting Standards Board and their use is required by the SEC.
Glass Insurance
Protection for loss of or damage to glass and its accessories.
GMAC Customer
Someone who has an existing GMAC account with one of the GMAC companies such as GMAC Mortgage, GMAC Auto Lease, or GMAC Credit Card.
Grace Period
A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
Gross Negligence
Negligence beyond the ordinary. A reckless or wanton disregard of the duty of care towards others.
Gross Premium
The entire premium charged by an insurer to a policyholder, including all of the insurer's expenses, estimated loss costs, and profits.
Group Insurance
Insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.
General Agency System
An insurance distribution system where an insurer appoints a general agent to service the agents within a specified geographic area, rather than opening an insurance company branch office.
General Damages
Damages awarded to an injured person for intangible loss which cannot be measured directly by dollars. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded for actual economic loss, such as medical costs, loss of income, etc.
General Liability Insurance
Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.
Generally Accepted Accounting Principles
A set of uniform accounting rules for recording and reporting financial data to accurately represent an organization's financial condition. These standards are endorsed by the Financial Accounting Standards Board and their use is required by the SEC.
Glass Insurance
Protection for loss of or damage to glass and its accessories.
GMAC Customer
Someone who has an existing GMAC account with one of the GMAC companies such as GMAC Mortgage, GMAC Auto Lease, or GMAC Credit Card.
Grace Period
A specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection of the policy continues.
Gross Negligence
Negligence beyond the ordinary. A reckless or wanton disregard of the duty of care towards others.
Gross Premium
The entire premium charged by an insurer to a policyholder, including all of the insurer's expenses, estimated loss costs, and profits.
Group Insurance
Insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.
Insurance Information
Family Purpose Doctrine
Concept that imputes negligence committed by immediate family members while operating a family car to the owner of the car
Farmowners-Ranchowners Policy
A package policy for a farm or a ranch, providing property and liability coverages against personal and business losses.
Federal Crime Insurance
Insurance against burglary, larceny, and robbery losses offered by the federal government where the Federal Insurance Administration has determined that an insurance availability problem exists.
Federal Crop Insurance
Comprehensive coverage at rates subsidized by the federal government for unavoidable crop losses, including those that result from hail, wind, excessive rain, drought, freezes, plant disease, snow, floods, and earthquake.
Federal Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Fiduciary
A person holding the funds or property of another in a position of trust, and who is obligated to act in a prudent and ethical manner. An example would be an attorney, bank trustee, the executor of an estate, etc.
File and Use
Regulatory rule whereby the insurer must have rates, rules, and/or forms on file with a department of insurance prior to implementing them.
Financial Responsibility Law
A state law which may require motorists (the insured) to furnish evidence, either before or after involvement in an auto accident (depending on the individual state's law), of ability to pay for damages up to certain minimum dollar limits. These requirements commonly are met by carrying auto liability insurance with specified minimum limits or more.
Fire
A combustion accompanied by a flame or glow, which escapes its normal confines to cause damage.
Fire Insurance
Coverage for losses caused by fire and lightning, plus resultant damage caused by smoke and water.
First Party Coverage
An insurance coverage under which the policyholder collects compensation for losses from the insured's own insurer rather than from the insurer of the person who caused the accident.
Flat Cancel
Cancellation of an insurance contract as of its date of inception, without premium charge.
Floaters
Insurance policies that cover property that can be moved from one location to another for both transportation perils and perils affecting property at a fixed location.
Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Foreign Insurer
An insurance company licensed to operate in a state but has its home office in another state.
Franchise Insurance
Insurance under individual contracts issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premiums and remit them to the insurer. The insurer usually agrees to waive its right to discontinue or modify any individual policy, unless its simultaneously discontinues or modifies all other policies in the same group.
Fraternal Insurance
A cooperative type of insurance provided by social organizations, such as members of a lodge or a fraternal order, for their members.
Fronting Company
An insurer that issues policies with the intention of transferring most of the insured exposure through reinsurance or other means to unauthorized insurers or reinsurers or captive insurers. This fronting insurer assumes little or no loss exposure; instead, financial arrangements are made to guarantee claims administration and payments. The fronting insurer is usually paid a percentage of the premium.
Family Purpose Doctrine
Concept that imputes negligence committed by immediate family members while operating a family car to the owner of the car
Farmowners-Ranchowners Policy
A package policy for a farm or a ranch, providing property and liability coverages against personal and business losses.
Federal Crime Insurance
Insurance against burglary, larceny, and robbery losses offered by the federal government where the Federal Insurance Administration has determined that an insurance availability problem exists.
Federal Crop Insurance
Comprehensive coverage at rates subsidized by the federal government for unavoidable crop losses, including those that result from hail, wind, excessive rain, drought, freezes, plant disease, snow, floods, and earthquake.
Federal Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Fiduciary
A person holding the funds or property of another in a position of trust, and who is obligated to act in a prudent and ethical manner. An example would be an attorney, bank trustee, the executor of an estate, etc.
File and Use
Regulatory rule whereby the insurer must have rates, rules, and/or forms on file with a department of insurance prior to implementing them.
Financial Responsibility Law
A state law which may require motorists (the insured) to furnish evidence, either before or after involvement in an auto accident (depending on the individual state's law), of ability to pay for damages up to certain minimum dollar limits. These requirements commonly are met by carrying auto liability insurance with specified minimum limits or more.
Fire
A combustion accompanied by a flame or glow, which escapes its normal confines to cause damage.
Fire Insurance
Coverage for losses caused by fire and lightning, plus resultant damage caused by smoke and water.
First Party Coverage
An insurance coverage under which the policyholder collects compensation for losses from the insured's own insurer rather than from the insurer of the person who caused the accident.
Flat Cancel
Cancellation of an insurance contract as of its date of inception, without premium charge.
Floaters
Insurance policies that cover property that can be moved from one location to another for both transportation perils and perils affecting property at a fixed location.
Flood Insurance
Insurance sold by private insurers with rates subsidized by the federal government to persons who reside in flood zones and whose community joins the program and agrees to establish and enforce flood control and land-use measures.
Foreign Insurer
An insurance company licensed to operate in a state but has its home office in another state.
Franchise Insurance
Insurance under individual contracts issued to the employees of a common employer or the members of an association under an arrangement by which the employer or association agrees to collect the premiums and remit them to the insurer. The insurer usually agrees to waive its right to discontinue or modify any individual policy, unless its simultaneously discontinues or modifies all other policies in the same group.
Fraternal Insurance
A cooperative type of insurance provided by social organizations, such as members of a lodge or a fraternal order, for their members.
Fronting Company
An insurer that issues policies with the intention of transferring most of the insured exposure through reinsurance or other means to unauthorized insurers or reinsurers or captive insurers. This fronting insurer assumes little or no loss exposure; instead, financial arrangements are made to guarantee claims administration and payments. The fronting insurer is usually paid a percentage of the premium.
Insurance Information (cont'd)
Salvage
Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
Self- Administered (Trusteed or Directly Invested) Plan
A plan funded through a fiduciary, generally a bank, but sometimes a group of individuals, which directly invests the accumulated funds. Retirement payments are made from the fund as they fall due.
Self-Administration
The procedure where an employer maintains all records regarding the employees covered under a group insurance plan.
Self-Insurance
A program for providing group insurance with benefits financed entirely through the internal means of the policyholder, in place of purchasing coverage from commercial carriers.
Senior Citizen Policies
Contracts insuring persons 65 years of age or more. In most cases, these policies supplement the coverage afforded by the government under the Medicare program.
Separate Account
An asset account established by a life insurance company separate from other funds, used primarily for pension plans and variable life products. This arrangement permits wider latitude in the choice of investments, particularly in equities.
Service-Type Plans
Plans that provide their benefits in the form of services rendered rather than cash (for example, Blue Cross and Blue Shield).
Settlement Options
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid.
Short-Term Disability Income Insurance
The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.
Sickness Insurance
A form of health insurance providing benefits for loss resulting from illness or disease.
Skip person
a beneficiary who is at least two generations younger than the person making the transfer.
Social Security Freeze
A long- term disability policy provision which establishes that the offset from benefits paid by Social Security will not be changed regardless of subsequent changes in the Social Security law.
Social Security Option
An option under which the employee may elect that monthly payments of an annuity before a specified age (62 or 65) be increased, and that payments thereafter be decreased to produce, as nearly as practical, a level total annual annuity to the employee, including Social Security benefits when they become due.
Soft Market
That part of the insurance sales cycle in which competition is at a maximum as insurance companies use their excess capacity to sell more policies at lower prices (see "Hard market").
Special Damages
Compensation awarded for actual economic losses, such as medical expenses and lost wages. (See general damages)
Special Risk Insurance
Coverage for risks or hazards of a special or unusual nature.
Split Funding
The use of two or more funding agencies for the same pension plan. An arrangement whereby a portion of the contributions to the pension plan are paid to a life insurance company and the remainder of the contributions invested through a corporate trustee, primarily in equities.
Spouse's Benefit
Payments to the surviving spouse of a deceased employee, usually in the form of a series of payments upon meeting certain requirements and usually terminating with the survivor's remarriage or death.
Standard Insurance
Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates.
Standard Markets
insurance companies for which the vast majority of people qualify
Standard Provisions
A set of policy provisions prescribed by former laws setting forth certain rights and obligations of both the insured and the company under an individual policy of health insurance. These were originally introduced in 1912 and have now been replaced by the Uniform Provisions.
Standard Risk
A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without extra rating or special restrictions.
State-of-the-Art Defense
An argument used in product liability cases that the technology needed to avoid the loss in a particular case did not exist at the time of the product's manufacture
State Disability Plan
A plan for accident and sickness, or disability insurance required by state legislation of those employers doing business in that particular state.
State Fund
A fund set up by a state government to provide a specific line or lines of insurance. Some state permit private insurers to compete with the state fund.
State Insurance Department
A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
Statutory Accounting
Special accounting practices for insurance companies required by state law and designed to provide greater protection for the public against potential insolvency of these essential institutions.
Statutory Accounting Principles (SAP)
Principles required by statute which must be followed by an insurance company when submitting its financial statements to the various state insurance departments. Such principles differ from the Generally Accepted Accounting Principles (GAAP).
Statutory Underwriting Profit or Loss
Premiums earned less losses and expenses.
Step-Rate Premium
A rating structure in which the premiums increase periodically at pre-determined times such as policy years or attained ages.
Step-up in basis
An increase in the tax basis of property to the value claimed in the taxable estate of a decedent.
Stock Company
A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders.
Stock Exchange
An organization that provides a facility for buyers and sellers of listed securities to come together to make grades in those securities.
Stockholder (or shareholder)
A person who owns shares of stock in a corporation.
Stock Insurance Company
A company in which the legal ownership and control is vested in the stockholders.
Stock Life Insurance Company
A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance.
Stock Redemption Plan
An entity purchase form of buy-sell agreement within a corporation that involves the corporation buying back shares from a departing owner.
Straight Life Insurance
Whole life insurance on which premiums are payable for life.
Strict Liability
Liability for damages even though fault or negligence cannot be proven.
Subrogation
Process by which one insurance company seeks reimbursement from another company or person for a claim it has already paid.
Substandard (Impaired Risk)
A risk that cannot meet the normal health requirements of a standard health insurance policy. Protection is provided in consideration of a waiver, a special policy form, or a higher premium charge. Substandard risks may include those persons who engage in certain sports and persons who are rated because of poor habits or morals.
Substandard Insurance
Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.
Substandard Risk
An individual, who, because of health history or physical limitations, does not measure up to the qualification of a standard risk.
Supplementary Contract
An agreement between a life insurance company and a policyholder or beneficiary by which the company retains the cash sum payable under an insurance policy and makes payments in accordance with the settlement option chosen.
Surety Bond
An agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults.
Surgical Expense Insurance
Health insurance policies, which provide benefits toward the physician's or surgeon's operating fees. Benefits may consist of scheduled amounts for each surgical procedure.
Surgical Schedule
A list of cash allowances attached to the policy, which are payable for various types of surgery, with a maximum amount based upon the severity of the operation.
Surplus
The net worth of a company, i.e. the amount by which assets exceed liabilities. Adequate net worth is necessary for the protection of policyholders against unforeseen losses.
Surplus Lines
(1) A risk or a part of a risk for which there is no normal insurance market available. (2) Insurance written by non-admitted insurance companies.
Salvage
Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
Self- Administered (Trusteed or Directly Invested) Plan
A plan funded through a fiduciary, generally a bank, but sometimes a group of individuals, which directly invests the accumulated funds. Retirement payments are made from the fund as they fall due.
Self-Administration
The procedure where an employer maintains all records regarding the employees covered under a group insurance plan.
Self-Insurance
A program for providing group insurance with benefits financed entirely through the internal means of the policyholder, in place of purchasing coverage from commercial carriers.
Senior Citizen Policies
Contracts insuring persons 65 years of age or more. In most cases, these policies supplement the coverage afforded by the government under the Medicare program.
Separate Account
An asset account established by a life insurance company separate from other funds, used primarily for pension plans and variable life products. This arrangement permits wider latitude in the choice of investments, particularly in equities.
Service-Type Plans
Plans that provide their benefits in the form of services rendered rather than cash (for example, Blue Cross and Blue Shield).
Settlement Options
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid.
Short-Term Disability Income Insurance
The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.
Sickness Insurance
A form of health insurance providing benefits for loss resulting from illness or disease.
Skip person
a beneficiary who is at least two generations younger than the person making the transfer.
Social Security Freeze
A long- term disability policy provision which establishes that the offset from benefits paid by Social Security will not be changed regardless of subsequent changes in the Social Security law.
Social Security Option
An option under which the employee may elect that monthly payments of an annuity before a specified age (62 or 65) be increased, and that payments thereafter be decreased to produce, as nearly as practical, a level total annual annuity to the employee, including Social Security benefits when they become due.
Soft Market
That part of the insurance sales cycle in which competition is at a maximum as insurance companies use their excess capacity to sell more policies at lower prices (see "Hard market").
Special Damages
Compensation awarded for actual economic losses, such as medical expenses and lost wages. (See general damages)
Special Risk Insurance
Coverage for risks or hazards of a special or unusual nature.
Split Funding
The use of two or more funding agencies for the same pension plan. An arrangement whereby a portion of the contributions to the pension plan are paid to a life insurance company and the remainder of the contributions invested through a corporate trustee, primarily in equities.
Spouse's Benefit
Payments to the surviving spouse of a deceased employee, usually in the form of a series of payments upon meeting certain requirements and usually terminating with the survivor's remarriage or death.
Standard Insurance
Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates.
Standard Markets
insurance companies for which the vast majority of people qualify
Standard Provisions
A set of policy provisions prescribed by former laws setting forth certain rights and obligations of both the insured and the company under an individual policy of health insurance. These were originally introduced in 1912 and have now been replaced by the Uniform Provisions.
Standard Risk
A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without extra rating or special restrictions.
State-of-the-Art Defense
An argument used in product liability cases that the technology needed to avoid the loss in a particular case did not exist at the time of the product's manufacture
State Disability Plan
A plan for accident and sickness, or disability insurance required by state legislation of those employers doing business in that particular state.
State Fund
A fund set up by a state government to provide a specific line or lines of insurance. Some state permit private insurers to compete with the state fund.
State Insurance Department
A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
Statutory Accounting
Special accounting practices for insurance companies required by state law and designed to provide greater protection for the public against potential insolvency of these essential institutions.
Statutory Accounting Principles (SAP)
Principles required by statute which must be followed by an insurance company when submitting its financial statements to the various state insurance departments. Such principles differ from the Generally Accepted Accounting Principles (GAAP).
Statutory Underwriting Profit or Loss
Premiums earned less losses and expenses.
Step-Rate Premium
A rating structure in which the premiums increase periodically at pre-determined times such as policy years or attained ages.
Step-up in basis
An increase in the tax basis of property to the value claimed in the taxable estate of a decedent.
Stock Company
A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders.
Stock Exchange
An organization that provides a facility for buyers and sellers of listed securities to come together to make grades in those securities.
Stockholder (or shareholder)
A person who owns shares of stock in a corporation.
Stock Insurance Company
A company in which the legal ownership and control is vested in the stockholders.
Stock Life Insurance Company
A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance.
Stock Redemption Plan
An entity purchase form of buy-sell agreement within a corporation that involves the corporation buying back shares from a departing owner.
Straight Life Insurance
Whole life insurance on which premiums are payable for life.
Strict Liability
Liability for damages even though fault or negligence cannot be proven.
Subrogation
Process by which one insurance company seeks reimbursement from another company or person for a claim it has already paid.
Substandard (Impaired Risk)
A risk that cannot meet the normal health requirements of a standard health insurance policy. Protection is provided in consideration of a waiver, a special policy form, or a higher premium charge. Substandard risks may include those persons who engage in certain sports and persons who are rated because of poor habits or morals.
Substandard Insurance
Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.
Substandard Risk
An individual, who, because of health history or physical limitations, does not measure up to the qualification of a standard risk.
Supplementary Contract
An agreement between a life insurance company and a policyholder or beneficiary by which the company retains the cash sum payable under an insurance policy and makes payments in accordance with the settlement option chosen.
Surety Bond
An agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults.
Surgical Expense Insurance
Health insurance policies, which provide benefits toward the physician's or surgeon's operating fees. Benefits may consist of scheduled amounts for each surgical procedure.
Surgical Schedule
A list of cash allowances attached to the policy, which are payable for various types of surgery, with a maximum amount based upon the severity of the operation.
Surplus
The net worth of a company, i.e. the amount by which assets exceed liabilities. Adequate net worth is necessary for the protection of policyholders against unforeseen losses.
Surplus Lines
(1) A risk or a part of a risk for which there is no normal insurance market available. (2) Insurance written by non-admitted insurance companies.
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