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Archer FL Auto InsuranceHelpful links and resources for finding a auto insurance in Archer, FL. Archer, FL Legal Directory; We're here to help you find insurance in Archer, FL. |
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Insurance Information
Bail Bond
Variously used in connection with the release of a person or property from the custody of the law, referring to the bond or sum of money that is furnished the court or other official as indemnity for nonperformance of the obligation.
Bailee
One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of another.
Bailment
The delivery of goods or personal property by one person to another, in trust for the execution of a special purpose in relation to such goods, beneficial either to the bailor, the bailee or both. This is done by contract, express or implied, which obligates the bailee to perform the trust and carry out its purpose and then either redeliver the goods to the bailor or dispose of the goods according to the purpose of the trust.
Bailor
The owner of property legally possessed by another bailee.
Benefit Period
A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Length of time a policy will pay benefits to an insured.
Benefits
The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
Binder
A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.
Blanket Contract
A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established in the policy for all hospital and medical expenses incurred, without any limitations on individual types of medical expenses.
Blue Cross
An independent, nonprofit membership corporation providing protection on a service basis against the cost of hospital care in a limited geographical area.
Blue Shield
An independent, non-profit membership corporation providing protection on a service basis against the cost of surgical and medical care in a limited geographical area.
Bodily Injury
A legal responsibility due to negligence arising from an occurrence resulting in an injury of another person's life or health.
Bond
A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
Broker
A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
Business Insurance
Any insurance for commercial or business enterprises, as opposed to personal insurance, which is for the protection of individuals; a policy written for business purposes, such as key employees, partnerships, and corporations. Synonym is Commercial Lines.
Bail Bond
Variously used in connection with the release of a person or property from the custody of the law, referring to the bond or sum of money that is furnished the court or other official as indemnity for nonperformance of the obligation.
Bailee
One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of another.
Bailment
The delivery of goods or personal property by one person to another, in trust for the execution of a special purpose in relation to such goods, beneficial either to the bailor, the bailee or both. This is done by contract, express or implied, which obligates the bailee to perform the trust and carry out its purpose and then either redeliver the goods to the bailor or dispose of the goods according to the purpose of the trust.
Bailor
The owner of property legally possessed by another bailee.
Benefit Period
A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Length of time a policy will pay benefits to an insured.
Benefits
The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
Binder
A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.
Blanket Contract
A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.
Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established in the policy for all hospital and medical expenses incurred, without any limitations on individual types of medical expenses.
Blue Cross
An independent, nonprofit membership corporation providing protection on a service basis against the cost of hospital care in a limited geographical area.
Blue Shield
An independent, non-profit membership corporation providing protection on a service basis against the cost of surgical and medical care in a limited geographical area.
Bodily Injury
A legal responsibility due to negligence arising from an occurrence resulting in an injury of another person's life or health.
Bond
A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
Broker
A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
Business Insurance
Any insurance for commercial or business enterprises, as opposed to personal insurance, which is for the protection of individuals; a policy written for business purposes, such as key employees, partnerships, and corporations. Synonym is Commercial Lines.
Insurance Information
Death and Dismemberment
An added benefit rider that can be attached to a life insurance policy that provides monetary payment for the loss of function of vital limbs or organs.
Death Benefit
A payment made to a designated beneficiary upon the death of the employee annuitant.
Debenture
A bond that is backed only by the general credit of the issuing corporation. No specific property is pledged as security behind the loan.
Declarations
Statements in an insurance contract that provide information about the property or life to be insured. Used for underwriting and rating purposes and for identification of the property or life to be insured.
Declination
The insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
Deductible
An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.
Deferred Annuity
An annuity providing for the income payments to begin at some specified future date.
Depreciation
A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss. (See Actual Cash Value)
Direct Loss
Financial loss in damages that results directly from an insured peril.
Disability
A physical or a mental impairment that substantially limits one or more major life activities of an individual. It may be partial or total. (See Partial Disability; Total Disability.)
Dismemberment
Loss of body members (limbs), or use thereof, or loss of sight due to injury.
Disposable Personal Income
The personal income less personal tax and other financial obligations or payments. It is the income available to people for spending and saving.
Double Indemnity
A policy provision usually associated with death, which doubles payment of a designated benefit when certain kinds of accidents occur.
Down Payment
The premium deposit paid by a prospective policy holder when an application is made for an insurance policy. It is usually equal, at least, to the first month's estimate premium and is applied toward the actual premium when billed.
Death and Dismemberment
An added benefit rider that can be attached to a life insurance policy that provides monetary payment for the loss of function of vital limbs or organs.
Death Benefit
A payment made to a designated beneficiary upon the death of the employee annuitant.
Debenture
A bond that is backed only by the general credit of the issuing corporation. No specific property is pledged as security behind the loan.
Declarations
Statements in an insurance contract that provide information about the property or life to be insured. Used for underwriting and rating purposes and for identification of the property or life to be insured.
Declination
The insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
Deductible
An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.
Deferred Annuity
An annuity providing for the income payments to begin at some specified future date.
Depreciation
A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss. (See Actual Cash Value)
Direct Loss
Financial loss in damages that results directly from an insured peril.
Disability
A physical or a mental impairment that substantially limits one or more major life activities of an individual. It may be partial or total. (See Partial Disability; Total Disability.)
Dismemberment
Loss of body members (limbs), or use thereof, or loss of sight due to injury.
Disposable Personal Income
The personal income less personal tax and other financial obligations or payments. It is the income available to people for spending and saving.
Double Indemnity
A policy provision usually associated with death, which doubles payment of a designated benefit when certain kinds of accidents occur.
Down Payment
The premium deposit paid by a prospective policy holder when an application is made for an insurance policy. It is usually equal, at least, to the first month's estimate premium and is applied toward the actual premium when billed.
Insurance Information (cont'd)
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
Occupational Hazards
Occupations which expose the insured to greater than normal physical danger by the very nature of the work in which the insured is engaged, and the varying periods of absence from the occupation, due to the disability, that can be expected.
Occurrence
An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy.
Occurrence policy
A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed.
Ocean Marine Insurance
Insurance for sea-going vessels, including liabilities connected with them, and their cargoes.
Ocean Marine Insurance
Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.
Operating Ratio
The sum of expenses and losses expressed as a percent of earned premium.
Optionally Renewable Contract
A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
Ordinary Life
Synonymous With Whole Life and Straight Life - The three terms are applied to the type of policy which continues during the whole of the insured's life and provides for the payment of amount insured at this death.
Ordinary Life Insurance
Life insurance usually issued in amounts of $1,000 or more with premiums payable on an annual, semi-annual, quarterly or monthly basis.
Over-the Counter Market
A means of buying and selling securities that are not listed on a stock exchange. Negotiations are carried out by telephone or computer network.
Overhead Expense Insurance
A special form of health insurance designed to help offset overhead expenses such as office rent, utilities, employees' wages, and auditors' fees, incurred during total disability. The monthly payments during disability is not a fixed amount of indemnity as on regular disability polices, but the amount of overhead expense actually incurred, or a percentage thereof, up to the limit specified in the policy.
Overhead Insurance
A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.
Overriding Commission (Overwrite)
A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.
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