Clarcona Florida Auto Insurance

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Clarcona auto insurance

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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.

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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