Cedar Key Florida Auto Insurance

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Cedar Key auto insurance

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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.

Insurance Information
Joint-and-Several Liability
Liability arising from a contract or from a tort that applies to the responsible persons either separately (severally) or in combination (jointly), at the injured person's option. If a group of persons who default on an obligation or cause a loss are held jointly and severally liable either by terms of the contract or by operation of law, the claimant may sue either the group or any one member for the entire amount owed. This is a way to compensate an injured person if, for example, one or more liable persons are bankrupt or flee the jurisdiction.

Joint Tenants
A form of joint property ownership with right of survivorship, i.e., in which the survivors automatically own the share of a deceased co-owner.

Judicial Bond
A general term applied to all bonds filed with a court. Examples are appeal bond, bail bond, court bond, defendant's bond to dissolve, fiduciary bond, financial guaranty bond, injunction bond, plaintiff's bond to secure, plaintiff's replevin bond, security for expenses.

Jumbo Risk
A risk involving exceptionally high benefits.


Insurance Information (cont'd)
Qualification Period
The period during which the insured must be totally disabled before becoming eligible for residual disability benefits.

Qualified Impairment Insurance
A form of substandard or special class insurance, which restricts benefits for the insured person's particular condition.

Qualified Plan
A plan which the Internal Revenue Service approves as meeting the requirements of Section 401(a) of the 1954 Internal Revenue Code. Such plans receive tax advantages.

Qualified terminable interest property
A category of property, created by the Economic Recovery Tax Act, which by a deceased spouse's will entitles the surviving spouse to all income from the property for life, with that income payable at least annually, and precludes anyone including the spouse from appointing the property to anyone else during the spouse's life.


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